(a) Generally. After holding an unclaimed junked motor vehicle for fifteen (15) days, the town may destroy it or sell it at private sale as junk.
(b) Notice to division of motor vehicles. Within fifteen (15) days after final disposition of a junked motor vehicle, the town shall notify the state division of motor vehicles that the vehicle has been determined to be a junked motor vehicle and disposed of as such. Such notice shall contain as full and accurate a description of the vehicle as can be reasonably determined.
(c) Disposition of proceeds. Any proceeds from the sale of a junked motor vehicle, after all costs of removal, storage, investigation and sale and satisfying any liens of record on the vehicle have been deducted therefrom, shall be held by the town for thirty (30) days and paid to the registered owner upon demand. If the owner does not appear to claim the proceeds within thirty (30) days after disposal of the vehicle, the funds shall be deposited in the town's general fund, and the owner's rights therein shall be forever extinguished.
(Code 1977, § 16-62)