(1) Where salvage is due to any person under this Act, the Principal Receiver shall—
(a) if the salvage is due in respect of services rendered in assisting any vessel or aircraft or in saving life therefrom or in saving the cargo or apparel of the vessel, detain the vessel or aircraft and cargo or apparel; 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 Act, detain the wreck.
(2) Except as hereinafter provided, the Principal Receiver shall detain the vessel or aircraft and the cargo or apparel or the wreck, until payment is made for salvage or process is issued for arrest or detention by a court.
(3) The Principal Receiver may release any vessel, aircraft, cargo, apparel or wreck detained under this section where security is given to his or her satisfaction, or to the satisfaction of a judge of the High Court where the claim for salvage exceeds $20,000 and any question is raised as to the sufficiency of the security.
(4) Any security given for salvage under this section to an amount exceeding $5,000 may be enforced by a competent court in the same manner as if bail had been granted in that court.