[§261-72] Disposition of proceeds of sale.
229 words·~1 min read·
/hi/chapter-261/261-72A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§261-72] Disposition of proceeds of sale. The department of transportation shall deposit into the airport revenue fund, that portion of the proceeds of the sale of an aircraft as shall represent the storage and other airport fees and charges due the department, the expenses of the auction, and any other expense incurred by the department in taking into custody and disposing of an aircraft. The balance, if any, shall be deposited into the general fund of the State. The owner may recover any such balance of the proceeds from the State only if the owner files a claim therefor with the department of budget and finance within five years after the execution of the bill of sale.
A lien holder shall receive priority of payment from the balance of the proceeds to the extent of the lien holder's lien on the aircraft. If the proceeds of the sale are insufficient to cover the storage and other airport fees and charges, the expenses of the auction and other expenses of the department in taking into custody and disposing of the aircraft, the department of transportation may, within five years, bring an action for the deficiency in a court of appropriate jurisdiction against the person who was the owner of the aircraft at the time custody was taken by the department. [L 1981, c 25, pt of §1; gen ch 1985]