[§200-54] Disposition of proceeds.
170 words·~1 min read·
/hi/chapter-200/200-54A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§200-54] Disposition of proceeds. The authorized seller of the vessel shall be entitled to the proceeds of the sale to the extent of the compensation that is due the seller for services rendered in connection with the vessel, including reasonable and customary charges for towing, handling, and storage, and the cost of notices and advertising required by this part. A lien holder shall receive priority in payment from the balance to the extent of the lien holder's lien. Any remaining balance shall be forwarded to the registered owner of the vessel, if the registered owner can be found.
If the registered owner cannot be found, the balance shall be deposited with the director of finance of the State and shall be paid out to the registered owner of the vessel, if a proper claim is filed thereof within one year from the execution of the sale agreement. If no claim is made within the year allowed, the money shall become a state realization. [L 1991, c 272, pt of §2]