Merchant Shipping Act · s 149

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s 149

(1)

A receiver may at any time sell any wreck in his custody, if in his opinion -

(a)

it is under the value of $1,000;

(b)

it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or

(c)

it is not sufficient value to pay for warehous-Ing.

(2)

The proceeds of the sale shall, after defraying the expenses thereof, be held by the receiver for the same pur-poses and subject to the same claims, rights and liabilities as if the wreck had remained unsold.

Unclaimed Wreck