N.J. Admin. Code § 13:21-11.9

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:21-11.9 - Auction proceeds

(a) The proceeds from the public auction of the abandoned vehicle shall be applied to pay any liens and expenses incurred for storage and sale of the vehicle.

(b) Any remaining proceeds shall be remitted to the owner of the abandoned vehicle identified in the lien search(es) performed pursuant to this subchapter.

(c) If the owner of record cannot be located, the applicant must hold the balance of the proceeds in escrow for 60 days after the public auction of the abandoned vehicle. If the owner of the abandoned vehicle does not claim the balance within 60 days of the date of the public auction, the applicant must remit the balance of the proceeds to the municipality in which the vehicle was abandoned.

N.J. Admin. Code § 13:21-11.9

Adopted by 51 N.J.R. 1282(a), effective 8/5/2019