§ 39-12.1-9 - Foreclosure of lien.
SECTION 39-12.1-9
§ 39-12.1-9 Foreclosure of lien. –(a) Any vehicle subject to a possessory lien as provided for in §39-12.1-6, not redeemed by its owner within a period of ten (10) days from thedate of the notice sent in conformity with § 39-12.1-8(a) or sixty (60)days from the date of notice sent in conformity with §§ 39-12.1-4 and39-12.1-8(b), may be sold at a non-judicial public auction.
(b) In addition to the notice required pursuant to§§ 39-12.1-8(a) or 39-12.1-4 and 39-12.1-8(b), notice of the saleshall be:
(1) Published in a newspaper of general circulation in thecounty in which the address of the registered owner is located or in which thebusiness of the certificated tower is located if the identity of the lastregistered owner cannot be determined at least once, at least ten (10) daysprior to the sale; and
(2) Posted in the certificated towers' place of business; and
(3) Mailed by registered mail, return receipt requested, tothe officer-in-charge of the police department or person who instigated theinitial tow.
(c) The purchaser of a vehicle sold at auction pursuant tothe provision of this chapter shall take title to the vehicle free and clear ofall liens and claims of ownership. The certificated tower selling the vehicleshall give the purchaser a sales receipt, bill of sale and affidavit ofcompliance with the provisions of this chapter. Upon presentation of the salesreceipt, bill of sale and affidavit of compliance to the division of motorvehicles, the division shall: (1) cause any prior title and/or registration tothe vehicle, to be canceled and revoked; and (2) shall issue to the purchaser anew title and registration.
(d) The proceeds from the foreclosure sale shall bedistributed to the extent available as follows:
(1) First to pay for the expenses of the auction.
(2) Second, to pay the certificated tower for the costs ofrecovery, of towing and storage of the vehicle in accordance with its publishedtariff.
(3) Any remainder from the proceeds of sale shall bedeposited with the general treasurer of the state to be held in a restrictedaccount for the registered or legal owner or entitled lienholder. All sums heldby the public utilities commission for a period of three (3) or more years forwhich no claim has been made by the registered and/or legal owner or lienholdershall be presumed abandoned and shall revert to the general fund.