Tex.
Prop. Code Section 74.401
Sale of Property
(a)
Except as provided by Section 74.404 (Sale of Military Awards and Decorations Prohibited), 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 (Delivery of Property to Comptroller). 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Repealed by Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 13, eff.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 under this chapter is not marketable or 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.
Source:
Section 74.401 — Sale of Property, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.74.htm#74.401 (accessed Apr. 13, 2024).
