(1) Unless forfeited to the State, or retained under subsection (3), a thing seized under this Act shall not be detained after any of the following has occurred—
(a) one hundred and eight days have passed, or any extension under subsection (2) has expired, and no proceedings have been instituted in relation to the thing seized;
(b) the reason for the seizure of the thing no longer exists or it is decided that it is not to be used in evidence; or
(c) proceedings instituted are finally concluded.
(2) A judicial officer may extend the time limited in this section for a thing seized to be detained before the institution of proceedings in relation to it.
(3) A thing seized may be retained until the payment of the penalty or fine imposed in proceedings relating to the thing. The thing may also be sold under execution and the proceeds applied to the penalty or fine.