§200-47  Disposition of proceeds.  The
department shall deposit that portion of the proceeds of the sale of a vessel
that represents the mooring or other fees and charges due the department, the
expenses of the auction, and any other expense incurred by the department in
taking into custody and disposing of an abandoned vessel, derelict vessel, or
vessel impounded under section 200-16, into the boating special fund from which
the expenses incurred in connection with the vessel were paid.  The balance, if
any, shall be deposited into the general fund of the State.  The owner may
recover any balance of the proceeds from the State only if the owner files a
claim therefor with the department of budget and finance within one year after
the execution of the bill of sale.  If no claim is made within the year
allowed, the money shall become a state realization.  A lien holder shall
receive priority in payment from the balance of the proceeds to the extent of
the lien holder's lien on the vessel.  If the proceeds of the sale are
insufficient to cover the mooring and other fees and charges, the expenses of
the auction and the other expenses incurred by the department in taking into
custody and disposing of the vessel, the department may bring an action for the
deficiency in a court of appropriate jurisdiction against the registered or
documented owner or any person who had an interest in the vessel when custody
was taken by the department. [L 1991, c 272, pt of §2; am L 2004, c 70, §5]