§ 45-212. Same—Disposition of proceeds.

(a)

All funds received by the director of the treasury department from the sale of a motor vehicle under this article shall be delivered to the city controller who shall give his receipt therefor.

(b)

Out of the proceeds from the sale of a motor vehicle under this article, the city controller shall first apply such proceeds to the towage and storage lien of the city, which sum shall be placed to the credit of the general fund and shall thereafter be disbursed as the city council shall determine and direct. In the event the proceeds of such sale are in excess of the towage and storage lien, then the excess sum shall be deposited by the city controller in a separate fund and, upon demand being made by the true owner of such motor vehicle, the controller shall deliver such excess sum to such owner. If no demand is made by the true owner of such motor vehicle for such excess sum within two years from the date of the sale of such motor vehicle, such sum shall become the property of the city and the controller shall transfer such sum to the general fund to be used as the city council shall determine and direct.

(Code 1968, § 46-193)