§200-49 Disposition of derelict vessel. The chairperson may cause a derelict vessel to be immediately taken into custody. Upon taking custody of a derelict vessel the chairperson shall concurrently:
(1) Give public notice of intended disposition;
(2) When possible, post a notice of intended disposition on the vessel; and
(3) Serve a duplicate original of the notice of intended disposition by certified mail, return receipt requested on:
(A) The registered owner of the vessel, if known, at the registered owner's last known address or the address on record with the United States Coast Guard; and
(B) All lien holders who have properly filed a financing statement, referencing the name of the registered owner, in the bureau of conveyances or who are shown on the records of the department or United States Coast Guard.
If the vessel is not repossessed within twenty days after the giving or mailing of the notice, whichever occurs later, the vessel may be disposed of by negotiated sale except that, when two or more purchasers indicate an interest in purchasing the vessel, the vessel will be sold at public auction to the highest bidder. If no purchaser expresses a desire to purchase the vessel, the vessel may be destroyed. [L 1991, c 272, pt of §2; am L 1998, c 2, §55]