§ 61-6-4440 — Settlement of claims; joint claimants.

If the claimant in a proceeding under Section 61-6-4390 is a lienholder whose claim is allowed and whose interest is first in order of priority among the claims and is of an amount equal to or in excess of the appraised value of the chattel, the court must release the chattel from forfeiture and order its return to him. If the claim is less than the appraised value of the chattel, the claimant may have the chattel delivered to him upon payment of the difference. If the claims of two or more lienholders whose interests are not subject to any prior or intervening interests claimed and allowed in the proceedings are allowed and are of a total amount equal to or in excess of the appraised value of the chattel, the court must, at the request of these claimants, order return of the chattel to the joint requesting claimants as are designated in the request. If the total amount of the claim is less than the appraised value of the chattel, the claimants may, upon payment of the difference, have the chattel delivered to those who are designated in the request.

Legislative History

HISTORY: 1996 Act No. 415, SECTION 1.