81-5-111. Disposition of proceeds.
128 words·~1 min read·
/mt/title-81/chapter-5/part-1/81-5-111·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
81-5-111 . Disposition of proceeds.
(1)After deducting the expenses of retaining the vehicle, equipment, or personalty and the cost of the sale, the officer making the sale or the department, if it retains the vehicle, equipment, or personalty, shall pay all liens to the extent that the balance of sale proceeds permit, according to the lien priorities that are established by intervention or otherwise. A lien must be bona fide and have been created without the lienor having any notice or reasonable cause to believe that the vehicle, equipment, or personalty was being or was to be used for the theft or illegal transportation.
(2)The proceeds from the sale of vehicles, equipment, and personalty provided for in 81-5-110 must be deposited in the state general fund.