(a) The proceeds of a public sale held pursuant to § 14-508 whether such sale was conducted by the city or by any other person, after payment of the towing and storage charges and costs and expenses incident to the sale, shall be deposited with the City Treasurer, if the owner of the motor vehicle is absent from the sale, for credit to the trust account.
(b) The funds deposited in the trust account pursuant to this section shall remain in the account subject to the order of the person legally entitled thereto, but if no claim is made for these funds within a period of one year after the sale, the funds shall become the property of the city, be released from the trust account and be paid into the General Fund as miscellaneous revenues.