(a) Property may not be sold unless the amount bid exceeds the total of the following amounts:
(1) The amount of all preferred labor claims that are required by Section 1206 to be satisfied from the proceeds.
(2) The amount of any state tax lien (as defined in Section 7162 of the Government Code) that is superior to the judgment creditor’s lien.
(3) If the purchaser is not the judgment creditor, the amount of any deposit made pursuant to Section 720.260 with interest thereon at the rate on money judgments from the date of the deposit to the date of the sale.
(b) Property for which a proceeds exemption is provided by Section 704.010 (motor vehicle), 704.020 (household furnishings and other personal effects), or 704.060 (tools of trade), may not be sold unless the amount bid exceeds the sum of any amount under subdivision (a) and the amount of the proceeds exemption.
(c) If a minimum bid required for the sale of property pursuant to this section is not received, the levying officer shall promptly release the property.