[§261-75] Disposal of aircraft by persons in aircraft repair business. (a) When any person abandons an aircraft upon the premises of an aircraft repair business, the owner of the business or the authorized representative of the owner may sell or dispose of the aircraft in accordance with this section.
(b) An aircraft shall be deemed to be abandoned upon satisfaction of all the following conditions:
(c) When an aircraft is abandoned, the owner of the aircraft repair business, or the authorized representative of the owner of the repair business, after one public advertisement in a newspaper of general circulation in the State, may negotiate the sale of the aircraft or dispose of it; provided that the aircraft shall not be sold or disposed of less than five days after the publication of the advertisement.
(d) The authorized seller of the aircraft shall be entitled to the proceeds of the sale to the extent that compensation is due the seller for services rendered in respect of the aircraft, including reasonable and customary charges for towing, handling, storage, and the cost of the notices and advertising required by this section. A lien holder shall receive priority of 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 aircraft, if the owner can be found. If the 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 aircraft, if a proper claim is filed therefor 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.
(e) The transfer of title and interest by sale under this section is a transfer by operation of law and a bill of sale executed by the authorized seller shall be sufficient to authorize the transfer of title or interest. [L 1981, c 25, pt of §1; gen ch 1985]