Public Sale of Vessel; Disposition of Excess Proceeds

  1. Law
  2. Georgia Code
  3. Waters of the State, Ports, and Watercraft
  4. Registration, Operation, and Sale of Watercraft
  5. Abandoned Vessels
  6. Public Sale of Vessel; Disposition of Excess Proceeds

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    1. As used in this subsection, the term "public sale" means a sale:
      1. Held at a place reasonably available to persons who might desire to attend and submit bids;
      2. At which those attending shall be given the opportunity to bid on a competitive basis;
      3. At which the sale, if made, shall be made to the highest and best bidder; and
      4. Except as otherwise provided in Title 11 for advertising or dispensing with the advertising of public sales, of which notice is given by advertisement once a week for two weeks in the newspaper in which the sheriff's advertisements are published in the county where the sale is to be held, and which notice shall state the day and hour, between 9:00 A.M. and 5:00 P.M., and the place of sale and shall briefly identify the goods to be sold.
    2. Upon order of the court, the person holding the lien on the abandoned vessel shall be authorized to sell such vessel at public sale.
  2. After satisfaction of the lien, the person selling such vessel shall turn the remaining proceeds of such sale, if any, over to the clerk of the court.

(Code 1981, §52-7-75, enacted by Ga. L. 1989, p. 613, § 1; Ga. L. 2015, p. 996, § 3C-6/SB 65.)

The 2015 amendment, effective January 1, 2016, added paragraph (a)(1), redesignated the existing language of subsection (a) as paragraph (a)(2), and deleted ", as defined by Code Section 11-1-201" at the end of paragraph (a)(2).

Editor's notes.

- Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides: "(a) This Act shall be known and may be cited as the 'Debtor-Creditor Uniform Law Modernization Act of 2015.'

"(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships."


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