(a) When any vehicle is left unattended on a highway or on other public or private property without the consent of the owner or person in control of the property, an officer may place a colored tag on the vehicle which shall be notice to the owner, the person in possession of the vehicle or any lienholder that it may be considered to be derelict or abandoned and is subject to forfeiture to the State.
(b) The colored tag shall serve as the only legal notice that, if the vehicle is not removed within:
(1) forty-eight hours if located on a highway, or
(2) seven days if located on other public or private property from the date of the tag, it will be removed to a designated place to be sold. After the vehicle is removed, the political subdivision employing the officer who affixed the colored tag shall notify in writing by registered or certified mail, return receipt requested, the person in whose name the vehicle was last registered and any lienholder of record. Notification shall include that the vehicle is being held, designating the place where it is being held, and that if it is not redeemed within thirty days from the date of the notice by paying all cost of removal and storage, it shall be sold for recycling purposes or for such other purposes as the political subdivision deems advisable to ensure obtaining the highest possible return from the sale. The proceeds of the sale shall be deposited in the general fund of the political subdivision.
(c) If the identity of the last registered owner cannot be determined or if the registration contains no address for the owner, or if it is impossible to determine with reasonable certainty the identification and addresses of any lienholders, notice by one publication in a newspaper of general circulation in the area where the vehicle was located shall be sufficient to meet all requirements of notice pursuant to this article. The notice of publication may contain multiple listings of vehicles. Twenty days after date of publication an advertised vehicle may be sold.
(d) Any notice sent by mail or any newspaper notice published under the provisions of this section shall contain the following if it is obtainable: the year, make, model, and serial number of the motor vehicle. It shall also set forth where the vehicle is being held; inform the owner and any lienholders of the right to reclaim the vehicle within thirty days after the date of the notice upon payment of all towing, preservation, and storage charges resulting from placing the vehicle in custody; include the date, time, and place of the proposed sale; the name, address, and telephone number of the person responsible for the sale; and state that the failure of the owner or lienholders to exercise their right to reclaim the vehicle within the time provided is a waiver by the owner and all lienholders of all right, title, and interest in the vehicle and consent to the sale of the vehicle.
(e) The purchaser of a vehicle which has not been reclaimed shall take title free and clear of all liens and claims of ownership, shall receive a sales receipt from the selling agency, as appropriate, and shall be entered to register the purchased vehicle and receive a certificate of title. The sales receipt shall be sufficient to transfer the vehicle to a demolisher for demolition, wrecking or dismantling, and no further titling of the vehicle shall be necessary. The expenses of the auction, the costs of towing, preserving, and storing the vehicle which resulted from placing the vehicle in custody, and all notice and publication costs incurred, shall be reimbursed from the proceeds of the sale of the vehicle. Any remainder from the proceeds of the sale shall be deposited in the general fund of the state, county, or municipality, as applicable.