(1) If the aircraft is sold, the airport authority shall satisfy the airport authority's lien, plus the reasonable expenses of notice, advertisement, and sale, from the proceeds of the sale.
(2) The balance of the proceeds of the sale, if any, shall be held by the airport authority, and delivered on demand to the owner of the aircraft.
(3) If no person claims the balance within twelve (12) months of the date of sale, the airport authority shall retain the funds and use the funds for airport operations.