Proceeds of the sale.

The proceeds of the sale of an abandoned or derelict vessel shall be distributed by the agency as follows:

(1) The reasonable fees and costs incurred in the seizure and sale of the vessel, including, but not limited to, removal and storage costs, court costs and filing fees, and advertisement and notification costs.

(2) Any outstanding security interest or debt attached to the vessel.

(3) The remaining balance, if any, shall be deposited into the Alabama Abandoned and Derelict Vessel Fund to be used by the agency for purposes of implementing and administering this chapter.

(Act 2018-179, §6.)