Sec. 74.401. SALE OF PROPERTY. (a) Except as provided by Section 74.404, the comptroller may sell at public sale any personal property, other than money and marketable securities, delivered to the comptroller in accordance with Section 74.301. The comptroller may conduct the sale at the location and in the manner that the comptroller determines affords the most favorable market for the particular property.

(b) The comptroller shall sell the property to the highest bidder. If the comptroller determines that the highest bid is insufficient, the comptroller may decline that bid and offer the property for public or private sale.

(c) Repealed by Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 13, eff. June 10, 2019.

(d) If after investigation the comptroller determines that property delivered from a safe deposit box or other repository has insubstantial commercial value, the comptroller may destroy or otherwise dispose of the property at any time.

(e) A person may not maintain any action or proceeding against the state, an officer of the state, or the holder of property because of an action taken by the comptroller under this section.

Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1, 1985. Amended by Acts 1993, 73rd Leg., ch. 36, Sec. 3.04, eff. Sept. 1, 1993; Acts 1997, 75th Leg., ch. 1037, Sec. 26, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 16.21, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 800, Sec. 1, eff. Sept. 1, 2001.

Amended by:

Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 6, eff. June 10, 2019.

Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 13, eff. June 10, 2019.