1. Except as provided in subsection 2, whenever property alleged to have been stolen or embezzled comes into the custody of a peace officer, the peace officer shall hold it subject to the order of the magistrate authorized by section 29-01-21 to direct the disposal thereof.
2. Subsection 1 does not apply to:
a. Consumer goods, as defined in section 41-09-02; and b. Goods covered by a certificate of title if proof of certificate of title is presented to the peace officer.