(a) After taking possession of a vessel or other obstruction, pursuant to the terms and conditions of §§ 46-6-9 and 46-9-10, the authorized public entity may use or dispose of the vessel or other obstruction in any appropriate and environmentally sound manner without further notice to any owners, but must give preference to uses that derive some monetary benefit from the vessel or other obstruction, either in whole or in scrap. If no value can be derived from the vessel or other obstruction, the authorized public entity must give preference to the least costly, environmentally sound, reasonable disposal option.
(b) If the authorized public entity chooses to offer the vessel or other obstruction for sale at public auction, either a minimum bid may be set or a letter of credit may be required, or both, to discourage future re-abandonment of the vessel or other obstruction.
(c) Proceeds derived from the sale of the vessel or other obstruction must first be applied to any administrative costs that are incurred by the authorized public entity during the notification procedures set forth in § 46-6-9, removal and disposal costs, and costs associated with environmental damages directly or indirectly caused by the vessel or other obstruction. If the proceeds derived from the sale of the vessel or other obstruction exceed all such costs, the remaining moneys must be applied to satisfying any liens registered against the vessel or other obstruction.
(d) Any value derived from the sale of a vessel greater than all liens and costs incurred shall revert to the derelict and abandoned vessel and obstruction removal account established in § 46-6-10.3.
History of Section.
P.L. 2012, ch. 370, § 1; P.L. 2012, ch. 389, § 1.