California Harbors and Navigation Code

§ 507.5

HNC § 507.5Div. 3 · Ch. 2 · Art. 4

Statute text

The proceeds of a vessel lien sale shall be disposed of as follows:

(a)The amount necessary to discharge the lien and the actual cost of selling the vessel shall be paid to the lienholder. Actual cost of sale shall include any fees charged by the department, publication fees, postage and service of notices, whether incurred as a result of a sale or redemption by the registered or legal owner without a sale. The actual cost of sale shall not exceed one hundred dollars ($100) for a vessel without a trailer and one hundred twenty-five dollars ($125) for a vessel with a trailer, exclusive of the charges of the department.

(b)The balance, if any, shall be forwarded to the department within 15 days of any sale. Within 30 days thereafter, the department shall send notice of the receipt of the funds, if the amount thereof exceeds ten dollars ($10), to the legal and registered owners at the most current addresses shown in the department’s records.

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Legislative history

Added by Stats. 1982, Ch. 941, Sec. 2.