Section 378: Immediate sale of wreck by receiver in certain cases

The Receiver of Wreck may at any time sell any wreck in his custody if in his reasonable opinion-
(a)
it is under the value of fifty thousand Naira.
(b)
it is so much damaged or of such perishable nature that it cannot with advantage be kept; or
(c)
it is not of sufficient value to pay for warehousing and the proceeds of the sale shall, after defraying the expenses thereof, be held by the Receiver of Wreck for the same purposes and subject to the same claims, rights and liabilities, as if the wreck had remained unsold.