[§200-54]  Disposition of proceeds.  The
authorized seller of the vessel shall be entitled to the proceeds of the sale
to the extent of the compensation that is due the seller for services rendered
in connection with the vessel, including reasonable and customary charges for
towing, handling, and storage, and the cost of notices and advertising required
by this part.  A lien holder shall receive priority in payment from the balance
to the extent of the lien holder's lien.  Any remaining balance shall be forwarded
to the registered owner of the vessel, if the registered owner can be found. 
If the registered owner cannot be found, the balance shall be deposited with
the director of finance of the State and shall be paid out to the registered
owner of the vessel, if a proper claim is filed thereof within one year from
the execution of the sale agreement.  If no claim is made within the year
allowed, the money shall become a state realization. [L 1991, c 272, pt of §2]