(a) If an abandoned or immobile motor vehicle has not been reclaimed as provided for in § 55-31-301 or § 55-31-302, then the law enforcement agency or garagekeeper must sell the abandoned or immobile motor vehicle at a public auction.
(b) The purchaser of the motor vehicle takes title to the motor vehicle free and clear of all liens and claims of ownership, must receive a sales receipt from the law enforcement agency or garagekeeper, and, upon presentation of the sales receipt, the department of revenue shall issue a certificate of title to the purchaser.
(c) The sales receipt only is sufficient title for purposes of transferring the motor vehicle to a demolisher for demolition, wrecking, or dismantling, and, in this case, further titling of the motor vehicle is not necessary.
(d) The proceeds of the sale of an abandoned or immobile motor vehicle must be used for payment of the expenses of the auction, the costs of towing, preserving, and storing the abandoned or immobile motor vehicle, and all notice and publication costs, including costs to post the motor vehicle on the motor vehicle portal, incurred pursuant to § 55-31-301 or § 55-31-302.
(e) Any remainder from the proceeds of a sale must be held by the law enforcement agency or garagekeeper for the owner of the motor vehicle or entitled lienholder for sixty (60) days from the date of the sale, and then must be deposited in a special fund that must remain available for the payment of auction, towing, preserving, storage, and all notice and publication costs, including costs to post the motor vehicle on the motor vehicle portal, that result from placing other abandoned or immobile vehicles in custody, whenever the proceeds from a sale of other abandoned or immobile motor vehicles are insufficient to meet these expenses and costs.