(1)
(a) Except for property that is required to be retained or preserved under Chapter 11c, Retention of Evidence, the court may order seized property for which a forfeiture proceeding is pending to:
(i) be sold, leased, rented, or operated to satisfy a specified interest of any claimant; or
(ii) preserve the interests of any party on motion of that party.
(b) The court may only enter an order under Subsection (1)(a) after:
(i) written notice to any person known to have an interest in the property has been given; and
(ii) an opportunity for a hearing for any person known to have an interest in the property has occurred.
(2)
(a) A court may order a sale of property under Subsection (1) when:
(i) the property is liable to perish, waste, or be significantly reduced in value; or
(ii) the expenses of maintaining the property are disproportionate to the property's value.
(b) A third party designated by the court shall:
(i) dispose of the property by a commercially reasonable public sale; and
(ii) distribute the proceeds in the following order of priority:
(A) first, for the payment of reasonable expenses incurred in connection with the sale;
(B) second, for the satisfaction of an interest, including an interest of an interest holder, in the order of an interest holder's priority as determined by Title 70A, Uniform Commercial Code; and
(C) third, any balance of the proceeds shall be preserved in the actual or constructive custody of the court, in an interest-bearing account, subject to further proceedings under this chapter.