77-11b-202. Sale of seized property subject to forfeiture.
(1) Except for property that is required to be retained or preserved under, the court may order seized property for which a forfeiture proceeding is pending to: Chapter 11c, Retention of Evidence be sold, leased, rented, or operated to satisfy a specified interest of any claimant; or preserve the interests of any party on motion of that party. The court may only enter an order under Subsectionafter: (1)(a) written notice to any person known to have an interest in the property has been given; and an opportunity for a hearing for any person known to have an interest in the property has occurred.
(2) A court may order a sale of property under Subsectionwhen: (1) the property is liable to perish, waste, or be significantly reduced in value; or the expenses of maintaining the property are disproportionate to the property's value. A third party designated by the court shall: dispose of the property by a commercially reasonable public sale; and distribute the proceeds in the following order of priority: first, for the payment of reasonable expenses incurred in connection with the sale; second, for the satisfaction of an interest, including an interest of an interest holder, in the order of an interest holder's priority as determined by; and Title 70A, Uniform Commercial Code third, any balance of the proceeds shall be preserved in the actual or constructive custody of the court, in an interest-bearing account, subject to further proceedings under this chapter.