(1) All other property which is forfeited under Sections 49-15-201 through 49-15-207, and except as provided in subsections (2), (5) and (6) of this section, shall be liquidated and, after deduction of court costs and the expenses of liquidation, the proceeds shall be divided and deposited as follows:

(a) If only one (1) law enforcement agency participates in the underlying criminal case out of which the forfeiture arises, fifty percent (50%) of the proceeds shall be forwarded to the State Treasurer and deposited in the General Fund of the state and fifty percent (50%) of the proceeds shall be deposited and credited to the budget of the participating law enforcement agency.

(b) If more than one (1) law enforcement agency participates in the underlying criminal case out of which the forfeiture arises, fifty percent (50%) of the proceeds shall be deposited and credited to the budget of the law enforcement agency whose officers initiated the criminal case and fifty percent (50%) shall be divided equitably between or among the other participating law enforcement agencies, and shall be deposited and credited to the budgets of the participating law enforcement agencies. If the other participating law enforcement agencies cannot agree on the division of their fifty percent (50%), a petition shall be filed by any one of them in the court in which the civil forfeiture case is brought and the court shall make an equitable division.

(2) All money which is forfeited under Sections 49-15-201 through 49-15-207 shall be divided, deposited and credited in the same manner as set forth in subsection (1) of this section.

(3) All property forfeited, deposited and credited to the Department of Marine Resources under Sections 49-15-201 through 49-15-207 shall be forwarded to the State Treasurer and deposited in the Seafood Fund for use by the Department of Marine Resources upon appropriation by the Legislature.

(4) All other property that has been forfeited shall, except as otherwise provided, be sold at a public auction for cash by the chief law enforcement officer of the initiating law enforcement agency, or his designee, to the highest and best bidder after advertising the sale for at least once each week for three (3) consecutive weeks, the last notice to appear not more than ten (10) days nor less than five (5) days prior to such sale, in a newspaper having a general circulation in the jurisdiction in which said law enforcement agency is located. Such notices shall contain a description of the property to be sold and a statement of the time and place of sale. It shall not be necessary to the validity of such sale either to have the property present at the place of sale or to have the name of the owner thereof stated in such notice. The proceeds of the sale shall be disposed of as follows:

(a) To any bona fide lien holder, secured party, or other party holding an interest in the property in the nature of a security interest, to the extent of his interest; and

(b) The balance, if any, remaining after deduction of all storage, court costs and expenses of liquidation shall be divided, forwarded and deposited in the same manner set out in subsection (1) of this section.

(5) Any state, county or municipal law enforcement agency may maintain, repair, use and operate for official purposes all property or money that has been forfeited to the agency if it is free from any interest of a bona fide lien holder, secured party or other party who holds an interest in the property in the nature of a security interest. Such state, county or municipal law enforcement agency may purchase the interest of a bona fide lien holder, secured party or other party who holds an interest so that the property can be released for its use. If the property is a motor vehicle susceptible of titling under the Mississippi Motor Vehicle Title Law, the law enforcement agency shall be deemed to be the purchaser, and the certificate of title shall be issued to it as required by subsection (7) of this section.

(6) The Department of Marine Resources may maintain, repair, use and operate for official purposes all property, other than money that has been forfeited to the Department of Marine Resources if it is free from any interest of a bona fide lien holder, secured party, or other party who holds an interest in the property in the nature of a security interest. In such case, the Department of Marine Resources may purchase the interest of a bona fide lien holder, secured party, or other party who holds an interest so that such property can be released for use by the department.

The Department of Marine Resources may maintain, repair, use and operate such property with money appropriated to the department for current operations. If the property is a motor vehicle susceptible of titling under the Mississippi Motor Vehicle Title Law, the Department of Marine Resources is deemed to be the purchaser and the certificate of title shall be issued to it as required by subsection (7) of this section.

(7) The State Tax Commission shall issue a certificate of title to any person who purchases property under the provisions of this section when a certificate of title is required under the laws of this state.