(a) Except as provided in Subsections (b) and (c) below and not sooner than thirty (30) days after unclaimed property becomes the property of the Town, the Director may sell it to the highest bidder at public sale anywhere in the State which affords, in the judgment of the Director, the most favorable market for the property involved. The Director may decline the highest bid and reoffer the property for sale if, in the judgment of the Director, the bid is insufficient. If, in the judgment of the Director, the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this Section must be preceded by a single publication of notice, at least three (3) weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.

(b) Securities listed on an established stock exchange must be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the Director considers advisable.

(c) Unless the Director considers it to be in the best interest of the Town to do otherwise, all securities which become the property of the Town delivered to the Director must be held for at least one (1) year before sale.

(d) The purchaser of property at any sale conducted by the Director pursuant to this Article takes the property free of all claims of the owner or previous holder thereof and of all persons claiming through or under them. The Director shall execute all documents necessary to complete the transfer of ownership.

(e) The purchaser of property at any sale conducted by the Director pursuant to this Article takes the property free of all claims of the owner or previous holder thereof, and of all persons claiming of the owner or previous holder thereof and of all persons claiming through or under them. The Director shall execute all documents necessary to complete the transfer of ownership. (Prior code 3.24.040)