(a)(1) As used in this subsection, the term “public sale” means a sale:
(A) Held at a place reasonably available to persons who might desire to attend and submit bids;
(B) At which those attending shall be given the opportunity to bid on a competitive basis;
(C) At which the sale, if made, shall be made to the highest and best bidder; and
(D) Except as otherwise provided in Title 11 for advertising or dispensing with the advertising of public sales, of which notice is given by advertisement once a week for two weeks in the newspaper in which the sheriff’s advertisements are published in the
county where the sale is to be held, and which notice shall state the day and hour, between 9:00 A.M. and 5:00 P.M., and the place of sale and shall briefly identify the goods to be sold.
(2) Upon order of the court, the person holding the lien on the abandoned vessel shall be authorized to sell such vessel at public
sale.
(b) After satisfaction of the lien, the person selling such vessel shall turn the remaining proceeds of such sale, if any, over to the clerk of the
court.