Wisconsin Statutes 177.0701 – Public sale of property
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 177.0701
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property.
(2) Before selling property under sub. (1), the administrator shall give notice to the public of the date of the sale and include with the notice a reasonable description of the property.
(3) Except as provided under sub. (4), a sale under sub. (1) shall be to the highest bidder by any of the following means:
(a) At a public sale at a location in this state that the administrator determines to be the most favorable market for the property.
(b) On the Internet.
(c) On another forum that the administrator determines is likely to yield the highest net proceeds.
(4) The administrator may decline the highest bid at a sale under this section and re-offer the property for sale if the administrator determines the highest bid is insufficient.
(5) If a sale held under this section is to be conducted other than on the Internet, the administrator shall publish at least one notice of the sale, at least 3 weeks but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is sold.