240 Immediate sale of wreck in certain cases.U.K.
(1)The receiver may at any time sell any wreck in his possession if, in his opinion—
(a)it is under the value of £5,000;
(b)it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or
(c)it is not of sufficient value to pay for storage.
F1[(1A)The receiver may also sell any wreck in his possession before the end of the year referred to in section 239(1) if—
(a)in his opinion it is unlikely that any owner will establish a claim to the wreck within that year; and
(b)no statement has been given to the receiver under section 242(1) in relation to the place where the wreck was found.]
(2)[F2Subject to subsection (3) below,] the proceeds of sale shall, after defraying the expenses of the sale, be held by the receiver for the same purposes and subject to the same claims, rights and liabilities as if the wreck had remained unsold.
F3[(3)Where the receiver sells any wreck in a case falling within subsection (1A) above, he may make to the salvors an advance payment, of such amount as he thinks fit and subject to such conditions as he thinks fit, on account of any salvage that may become payable to them in accordance with section 243(5).]
Textual Amendments
F1S. 240(1A) inserted (17.7.1997) by 1997 c. 28, s. 22(2); S.I. 1997/1539, art. 2, Sch.
F2Words in s. 240(2) inserted (17.7.1997) by 1997 c. 28, s. 22(3); S.I. 1997/1539, art. 2, Sch.
F3S. 240(3) inserted (17.7.1997) by 1997 c. 28, s. 22(3); S.I. 1997/1539, art. 2, Sch.