(1) The Principal Receiver of Wreck may at any time sell any wreck in his or her custody, if in his or her opinion the wreck—
(a) is under the value of $5,000;
(b) is so damaged or of so perishable a nature that it cannot with advantage be retained;
(c) is not of sufficient value to pay for storage; or
(d) has not been removed within a time specified by the Principal Receiver.
(2) The proceeds of any sale made under subsection (1) shall, after defraying the expenses thereof, be held by the Principal Receiver for the same purposes, and subject to the same claims, rights and liabilities as if the wreck had remained unsold.