California Harbors and Navigation Code 507.5 – The proceeds of a vessel lien sale shall be disposed of as …
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.
Terms Used In California Harbors and Navigation Code 507.5
- Department: means the Department of Motor Vehicles or any successor agency thereto which registers vehicles. See California Harbors and Navigation Code 501
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Harbors and Navigation Code 19
- vessel: includes any trailer used in connection with the vessel which is in the possession of the lienholder at the time the lien arises. See California Harbors and Navigation Code 501
(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.
(c) Any person claiming an interest in the vessel may file a claim with the department for any portion of the funds forwarded to the department pursuant to subdivision (b). Upon determination of the department that the claimant is entitled to a portion of those funds, the department shall pay any entitled amount which does not exceed the balance of the funds remaining on deposit with the department that pertain to the vessel. The department shall not honor any claim unless the claim has been filed within three years of the date the funds were received. At the end of each fiscal year the department shall deposit in the Harbors and Watercraft Revolving Fund all funds held by it for which no claim was filed within the three-year period.
(Added by Stats. 1982, Ch. 941, Sec. 2.)