Section 403: Valuation, detention and sale by receiver

(1)
Where any dispute as to salvage arises, the Receiver of Wreck may, on the application of either party to the dispute, appoint a valuer to value the property, and shall give copies of the valuation to both parties.
(2)
Any copy of the valuation purporting to be signed by the valuer, and to be certified as a true copy by the Receiver of Wreck, shall be admissible as evidence in any subsequent proceedings.
(3)
There shall be paid, in respect of the valuation, by the person applying for the valuation such fee as the Minister may direct.
(4)
Where salvage is due to any person under this part of this Act, the Receiver of Wreck shall-
(a)
if the salvage is due in respect of services rendered in assisting any vessel, or in saving life from the vessel, or in saving the cargo or equipment of the vessel, detain the vessel and cargo or equipment; and
(b)
if the salvage is due in respect of the saving of any wreck, and the wreck is not sold as unclaimed under this part of this Act, detain the wreck;
(c)
subject to the provision of this section, the Receiver of Wreck shall detain the vessel and the cargo and equipment or the wreck (in this Part referred to as "detained property") until payment is made for salvage or process is issued for the arrest or detention of the detained property by a court of competent jurisdiction;
(d)
the Receiver of Wreck may release any detained property if security is given to his satisfaction or, if the claim for salvage exceeds two hundred thousand Naira and any question is raised as to the sufficiency of the security, to the satisfaction of the court.
(5)
Any security given for salvage in pursuance of this section to an amount exceeding two hundred thousand Naira may be attached by the court in the same manner as if bail had been given in the court.
(6)
The Receiver of Wreck may sell any detained property, if the persons liable to pay the salvage in respect of which the property is detained are aware of the detention, in the following cases:
(a)
where the amount is not disputed, and payment of the amount due is not made within twenty days after the amount becomes due;
(b)
where the amount is disputed, but no appeal lies from the decision of the court to which the dispute is referred and payment is not made within twenty days after the decision of the said court;
(c)
where the amount is disputed and an appeal lies from the decision of the court, to which the dispute is referred, to some other court, and within thirty days after the decision of the first court, payment of the sum due is not made and proceedings are not commenced for the purpose of appeal or of obtaining leave to appeal.
(7)
The proceeds of sale of any detained property shall, after payment of the expenses of the sale, be applied by the Receiver of Wreck in payment of the expenses, fees and salvage incurred and payment in respect of such property, and, so far as not required for that purpose, shall be paid to the owners of the property or any other persons entitled to receive same.