Order for sale, lease, rental or operation of seized property

(1) Pending final disposition of property seized for forfeiture, and subject to the need to retain the property for any criminal proceeding, a forfeiting agency may apply to the court for an order allowing the seized property to be sold, leased, rented or operated in the manner and on terms that may be specified in the court’s order. Any sale, lease, rental or operation of seized property under this section must be conducted in a commercially reasonable manner, and may not result in a material reduction of the property’s value. An order may be entered under this section only: (a) After notice and opportunity to be heard is provided to all persons known to have an interest in the property, or who claim to have an interest in the property; and (b) With the consent of all persons holding security interests of record in the property. (2) Unless otherwise ordered by the court, the proceeds of the sale, lease, rental or operation of seized property under this section shall be held by the forfeiting agency in a forfeiture trust account established under ORS 131A.090, and the rights of holders of security interests of record in the property attach to the proceeds of the sale, lease, rental or operation in the order of the priority of their claims.