holder for or because of an act of the administrator under this section, except for intentional misconduct or malfeasance.] Legislative Note: A should determine whether subsection (b) is covered by its sovereign immunity tort claims act and decide how to proceed with subsection (b). If it chooses not to include subsection (b), the state should remove it and the brackets from around [a]. SECTION 610. PERIODS OF LIMITATION AND REPOSE. (a) Expiration, before, on, or after the effective date of this act, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this act to file a report or pay or deliver property to the administrator. (b) The administrator may not commence an action or proceeding to enforce this act with respect to the reporting, payment, or delivery of property more than five years after the holder filed a non-fraudulent report under Section 401 with the administrator. The parties may agree in a record to extend the limitation in this subsection. (c) The administrator may not commence an action, proceeding, or examination with respect to a duty of a holder under this [act] more than 10 years after the duty arose. ARTICLE 7 SALE OF PROPERTY BY ADMINISTRATOR SECTION 701. PUBLIC SALE OF PROPERTY. (a) Subject to Section 702, not earlier than [three] years after receipt of property presumed abandoned, the administrator may sell the property. (b) Before selling property subsection (a), 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) must be to the highest bidder: (1) at public sale at a location in this 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 this section is to be conducted other than on the Internet, the administrator must publish at least one notice of the sale, at least three weeks but not more than
holder for or because of an act of the administrator under this section, except for intentional misconduct or malfeasance.] Legislative Note: A should determine whether subsection (b) is covered by its sovereign immunity tort claims act and decide how to proceed with subsection (b). If it chooses not to include subsection (b), the state should remove it and the brackets from around [a]. SECTION 610. PERIODS OF LIMITATION AND REPOSE. (a) Expiration, before, on, or after the effective date of this act, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this act to file a report or pay or deliver property to the administrator. (b) The administrator may not commence an action or proceeding to enforce this act with respect to the reporting, payment, or delivery of property more than five years after the holder filed a non-fraudulent report under Section 401 with the administrator. The parties may agree in a record to extend the limitation in this subsection. (c) The administrator may not commence an action, proceeding, or examination with respect to a duty of a holder under this [act] more than 10 years after the duty arose. ARTICLE 7 SALE OF PROPERTY BY ADMINISTRATOR SECTION 701. PUBLIC SALE OF PROPERTY. (a) Subject to Section 702, not earlier than [three] years after receipt of property presumed abandoned, the administrator may sell the property. (b) Before selling property subsection (a), 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) must be to the highest bidder: (1) at public sale at a location in this 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 this section is to be conducted other than on the Internet, the administrator must publish at least one notice of the sale, at least three weeks but not more than