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storage. If the property remains unclaimed after the 14th day | | after notice has been sent or after the 10th day after the tenant | | claims the property, the landlord may sell the property for a | | reasonable fair market price and apply all proceeds to rental | | arrearages, damages and costs of storage and sale. All remaining | | balances must then be forwarded to the Treasurer of State. |
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| | | Sec. 2. 33 MRSA §1954, sub-§2, ¶¶A and B, as enacted by PL 1999, c. 294, | | §1, are amended to read: |
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| | | A. Tangible property presumed to be abandoned under this | subsection that has a fair market value of $500 | | must be reported to the administrator as required by this | | Act. If the administrator refuses delivery of the property | | and authorizes a holder to sell that property, the landlord | | shall sell the property in a commercially reasonable manner | | in accordance with any requirements imposed by the | | administrator. |
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| | | (1) After the sale of the property, the landlord may | | apply any proceeds from the sale to unpaid rent, | | damages to the premises and the expenses of storage, | | notice and sale. Any balance and the records of the | | sale must be reported and delivered to the | | administrator in accordance with the provisions of this | | Act. |
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| | | (2) The record of the sale must include the name of | | the owner prior to the sale, a description of the | | property, the proceeds of the sale, any deductions | | authorized under subparagraph (1) and the balance | | remaining. |
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| | B. Tangible property that has a fair market value of less than $500 | | that is left by a tenant may be disposed of by the landlord in accordance | | with Title 14, section 6013. |
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