If the commissioner or the commissioner’s delegate determines that any property seized is liable to perish or become greatly reduced in price or value by keeping, or that such property cannot be kept without great expense, the commissioner or the commissioner’s delegate shall appraise the value of such property and:

(1) Return to Owner. If the owner of the property can be readily found, the commissioner or the commissioner’s delegate shall give such owner notice of such determination of the appraised value of the property. The property shall be returned to the owner if, within such time as may be specified in the notice, the owner:

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Terms Used In Tennessee Code 67-1-1419

• Commissioner: means the commissioner of revenue. See Tennessee Code 67-1-101
• Property: includes both personal and real property. See Tennessee Code 1-3-105

(A) Pays to the commissioner or the commissioner’s delegate an amount equal to the appraised value; or

(B) Gives bond in such form with such sureties, and, in such amount as the commissioner or the commissioner’s delegate shall prescribe, to pay the appraised amount at such time as the commissioner or the commissioner’s delegate determines to be appropriate in the circumstances;