Version Superseded: 17/07/1997
Point in time view as at 01/01/1996. This version of this provision has been superseded.
Merchant Shipping Act 1995, Section 240 is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The receiver may at any time sell any wreck in his possession if, in his opinion—
(a)it is under the value of £5,000;
(b)it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or
(c)it is not of sufficient value to pay for storage.
(2)The proceeds of sale shall, after defraying the expenses of the sale, be held by the receiver for the same purposes and subject to the same claims, rights and liabilities as if the wreck had remained unsold.
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