§ 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 the date 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 and 39-12.1-8(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 sale shall be:

(1) Published in a newspaper of general circulation in the county in which the address of the registered owner is located or in which the business of the certificated tower is located if the identity of the last registered owner cannot be determined at least once, at least ten (10) days prior to the sale; and

(2) Posted in the certificated towers' place of business; and

(3) Mailed by registered mail, return receipt requested, to the officer-in-charge of the police department or person who instigated the initial tow.

(c) The purchaser of a vehicle sold at auction pursuant to the provision of this chapter shall take title to the vehicle free and clear of all liens and claims of ownership. The certificated tower selling the vehicle shall give the purchaser a sales receipt, bill of sale and affidavit of compliance with the provisions of this chapter. Upon presentation of the sales receipt, bill of sale and affidavit of compliance to the division of motor vehicles, the division shall: (1) cause any prior title and/or registration to the vehicle, to be canceled and revoked; and (2) shall issue to the purchaser a new title and registration.

(d) The proceeds from the foreclosure sale shall be distributed 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 of recovery, of towing and storage of the vehicle in accordance with its published tariff.

(3) Any remainder from the proceeds of sale shall be deposited with the general treasurer of the state to be held in a restricted account for the registered or legal owner or entitled lienholder. All sums held by the public utilities commission for a period of three (3) or more years for which no claim has been made by the registered and/or legal owner or lienholder shall be presumed abandoned and shall revert to the general fund.

History of Section. (P.L. 1994, ch. 328, § 1.)