(a) Prior to any such sale the lienholder shall give at least 15 days' notice of the
sale by handbills posted in 5 or more public places and by advertising in a newspaper
published and/or circulated in the county in which the sale is to be held.
(b) The proceeds of the sale shall be applied to the discharge of the lien and the
cost of keeping and selling the property. The balance, if any, of the proceeds of the sale shall be deposited not later than
10 days from the date of the sale with the court to be applied by the court to the
payment of any lien or security interest to which the property may be subject in the
order of their priority, with any remaining proceeds to be paid to the owner or owners
of the property sold but, in case such owner or owners cannot be found, such balance
shall be turned over to the State Treasurer not later than 60 days from the date of
the sale who shall create a special fund thereof and who shall pay to the owner the
moneys left if a claim is made within 1 year of the sale, or deposit the moneys in
the General Fund if no claim is made within 1 year of the sale.
(c) In every lien sale authorized under this chapter, it shall be the duty of the
lienholder to complete and file with the Court a disposition of proceeds form, as
designated by the Court, within 10 days from the date of the sale. No transfer of or new certificate of title to the vehicle sold or salvage certificate
shall be issued by the Department of Motor Vehicles without proof of the filing of
said disposition of proceeds form with the Court within the required time period. A copy of the disposition of proceeds form sealed with the Court's seal shall constitute
sufficient proof of filing.
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