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District of Columbia Code Division VII. Property. § 41-157.01. Public sale of property.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Subject to § 41-157.02, not earlier than one year after receipt of property presumed abandoned, the Administrator may sell the property.

(b) Before selling property under subsection (a) of this section, the Administrator shall give notice to the public of:

(1) The date of the sale; and

(2) A reasonable description of the property.

(c) A sale under subsection (a) of this section shall be to the highest bidder:

(1) At public sale at a location in the District which the Administrator determines to be the most favorable market for the property;

(2) On the Internet; or

(3) On another forum the Administrator determines is likely to yield the highest net proceeds of sale.

(d) The Administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the Administrator determines the highest bid is insufficient.

(e) 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 District of Columbia.

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Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 41-157.01. Public sale of property. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-41-157-01/

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