32-3-76. Reclamation of vehicle by owner or lienholder--Notice of intent to reclaim--Vesting of title to abandoned vehicle in auction agency--Sale of vehicle--Distribution of proceeds. An owner or lienholder may reclaim a motor vehicle for which notice has been provided as required under § 32-3-75. The owner or lienholder shall provide notice to the auction agency of any intent to reclaim the motor vehicle from the auction agency by certified mail, or any similar service that provides proof of delivery, within thirty days of the owner's or lienholder's receipt of notice under § 32-3-75. Notwithstanding any other law, and only if the auction agency has complied with the provisions of this chapter, title to the motor vehicle irrevocably vests in the auction agency in possession of the abandoned motor vehicle if:

(1) The auction agency has not received notice of intent to reclaim the motor vehicle from the owner or any lienholder within forty-five days from their receipt of notice provided under § 32-3-75; or

(2) The owner or lienholder provides notice of an intent to reclaim the motor vehicle under this section but fails to:

(a) Pay to the auction agency the reasonable charges incurred by the auction agency; and

(b) Claim and remove the motor vehicle within forty-five days after the auction agency's receipt of the notice of intent to reclaim the motor vehicle.

Upon an auction agency's receipt of title, the motor vehicle shall be sold by the auction agency, and any excess proceeds received from the sale, beyond settlement of the reasonable charges incurred by the auction agency, shall be paid jointly to the owner and any prior lienholder, and mailed to the first lienholder, if any, or otherwise to the prior owner. If the auction agency cannot identify or contact the owner or any lienholder, any excess proceeds received from the sale shall be sent to the state treasurer and treated as unclaimed property pursuant to chapter 43-41B. After any salvage title or certificate of title is issued under the provisions of this section or § 32-3-75, an owner's or lienholder's exclusive right against the auction agency shall be to any excess proceeds from the auction agency's sale of the vehicle under this section. For purposes of this section and § 32-3-75, reasonable charges incurred by the auction agency include any cost incurred by the auction agency for towing and storage of the motor vehicle, providing notice by mail or publication to the owner or any lienholder, and conducting the auction pursuant to this section.

Source: SL 2018, ch 176, § 3.