Payment of Balance Remaining After Satisfaction of Liens, Security Interests, and Debts

  1. Law
  2. Georgia Code
  3. Waters of the State, Ports, and Watercraft
  4. Registration, Operation, and Sale of Watercraft
  5. Abandoned Vessels
  6. Payment of Balance Remaining After Satisfaction of Liens, Security Interests, and Debts

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The clerk of the court shall retain the remaining balance of the proceeds of a sale conducted under Code Section 52-7-75, after satisfaction of liens, security interests, and debts, for a period of 12 months; and, if no claim has been filed against such proceeds by the owner of the abandoned vessel or any interested party, then he shall pay such remaining balance as follows:

  1. If the abandoned vessel came into the possession of the person creating the lien other than at the request of a peace officer, the proceeds of the sale shall be divided equally and paid into the general fund of the county in which the sale was made and into the general fund of the municipality, if any, in which the sale was made;
  2. If the abandoned vessel came into the possession of the person creating the lien at the request of a police officer of a municipality, the proceeds of the sale shall be paid into the general fund of the municipality;
  3. If the abandoned vessel came into the possession of the person creating the lien at the request of a county sheriff, deputy sheriff, or county police officer, the proceeds of the sale shall be paid into the general fund of the county in which the sale was made; or
  4. If the abandoned vessel came into the possession of the person creating the lien at the request of a member of the Georgia State Patrol or other employee of the State of Georgia, the proceeds of the sale shall be paid into the general fund of the county in which the sale was made.

(Code 1981, §52-7-77, enacted by Ga. L. 1989, p. 613, § 1.)


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