If the city is to conduct the sale:
(a) Any holder of a recorded lien or retained title on a motor vehicle to be sold by the city under the provisions of § 14-509 may claim and take possession thereof, upon payment of accrued charges and estimated costs of publication of the notice of sale to the Police Department and the deposit with the Police Department of sufficient assurance by surety bond or otherwise, approved by the City Attorney, that the motor vehicle will be forthcoming for public sale thereof or upon claim of the rightful owner prior to the sale. The Police Department shall, within three days, make a report to the City Treasurer and deliver the charges and costs so paid to the City Treasurer, taking a receipt therefor and filing it, together with a duplicate copy of the report to the City Treasurer, with the records in his or her office. The funds shall be held in a trust account until final disposition of the motor vehicle. Not less than five days before the date for sale of the motor vehicle, the Police Department shall notify the lienholder or retained titleholder of the time and place for the sale, and the lienholder or retained titleholder shall deliver such motor vehicle to the Police Department at or before 12:00 noon of the day before the sale. At the sale the amount paid shall be credited on the bid of the lienholder or retained titleholder. If the lienholder or retained titleholder is the successful bidder for the motor vehicle, the Police Department shall report this fact to the City Treasurer and then the funds previously paid by the lienholder or retained titleholder shall be relieved of the trust previously impressed and become the same as other funds received by the city for storage and costs of impounded motor vehicles. If the motor vehicle is sold for a higher bid to any person other than the lienholder or retained titleholder, the Police Department shall report this fact to the City Treasurer and the lienholder or retained titleholder shall be refunded the amount previously paid by him or her out of the trust account.
(b) And if the rightful owner of the motor vehicle claims the same before the sale by payment of the accrued charges, the Police Department shall immediately notify the lienholder or retained titleholder in possession of the motor vehicle and he or she shall return the same to the Police Department within 12 hours. The Police Department shall report this redemption by the rightful owner to the City Treasurer and the lienholder or retained titleholder shall be refunded the amount previously paid by him or her out of the trust account.