The proceeds of the sale of an abandoned motor vehicle shall be paid to the town, and the town shall pay from such proceeds the costs of removal, storage, investigation, sale, and liens, in that order. The remainder of the proceeds of sale, if any, shall be paid over to the registered owner, or held by the town for 60 days if the registered owner cannot be located with reasonable diligence. If the owner does not claim the remainder of the proceeds within 60 days after the sale, the said proceeds will escheat to the state.