(a) Except as otherwise provided by law, property seized pursuant to a search warrant shall be disposed of as follows:
(i) If the defendant is convicted:
(A) Property which was stolen or embezzled shall be returned to the owner;
(B) Other property shall be destroyed or otherwise disposed of as directed by the court.
(ii) If the criminal charges against the defendant are dismissed or he is acquitted, the property shall be returned to the owner or otherwise disposed of as directed by the court.