Mich. Comp. Laws » Michigan Compiled Laws / Chapter 567 / Act 29 of 1995
Michigan Compiled Laws

Mich. Comp. Laws § 567.243 (2026)

Sale of abandoned property.

✓ current as of July 2026
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UNIFORM UNCLAIMED PROPERTY ACT


Act 29 of 1995


567.243 Sale of abandoned property.

Sec. 23.

    (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if, in the judgment of the administrator, the bid is insufficient. If, in the judgment of the administrator, the probable cost of sale exceeds the value of the property, the property need not be offered for sale. Any sale held under this section shall be preceded by a single publication of notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.

    (2) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Securities not listed on an established stock exchange may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.

    (3) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under this act and delivered to the administrator shall be sold within 1 year of the receipt of the securities. A person making a claim under this act against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder is not entitled to any appreciation in the value of the property occurring after delivery by the holder to the administrator.

    (4) The purchaser of property at any sale conducted by the administrator under this act takes the property free of all claims of the owner or previous holder of the property and of all persons claiming through or under the owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership.

History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997

Notes of Decisions
Cited in 5 cases (5 in the last 5 years), 2023–2025 · leading case: Dennis O'Connor v. Rachael Eubanks, 83 F.4th 1018 (6th Cir. 2023).
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Dennis O'Connor v. Rachael Eubanks, 83 F.4th 1018 (6th Cir. 2023). “Mich. Comp. Laws § 567.243 (1). Then Michigan deposits the proceeds into its general fund, subtracting reasonable administration costs.”
Lisa Kemerer v. State of Michigan (Mich. Ct. App. 2024). · cites it 5× “Additionally, MCL 567.243 addresses the UPP administrator’s sale of property and provides: (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in…”
Dennis O'Connor v. State of Michigan (Mich. Ct. App. 2023). “MCL 567.243; MCL 567.244(1). However, these monies do not simply escheat to the state.”
The Walt Disney Co. v. Rachael Eubanks (Mich. 2025). “See MCL 567.243. The true owner of abandoned property retains the right to claim an interest in the property and, if validated, take possession of the property or, for property that has been sold, receive the liquidated value of the property plus interest.”
Dine Brands Global Inc v. Rachael Eubanks (Mich. 2025). “See MCL 567.243. The true owner of abandoned property retains the right to claim an interest in the property and, if validated, take possession of the property or, for property that has been sold, receive the liquidated value of the property plus interest.”
— Mich. Comp. Laws § 567.243(1) — 1 case
Lisa Kemerer v. State of Michigan (Mich. Ct. App. 2024). “Additionally, MCL 567.243 addresses the UPP administrator’s sale of property and provides: (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in…”
— Mich. Comp. Laws § 567.243(4) — 1 case
Lisa Kemerer v. State of Michigan (Mich. Ct. App. 2024). “Additionally, MCL 567.243 addresses the UPP administrator’s sale of property and provides: (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in…”
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