Disposal of unclaimed timber.

    If no such statement is presented as aforesaid, or if the claimant omits to prefer his claim in the manner and within the period fixed by the notice issued under section 46, or on such claim having been so preferred by him and having been rejected, omits to institute a suit to recover possession of such timber within the further period fixed by section 47, the ownership of such timber shall vest in the ¹[Government], or, when such timber has been delivered to another person under section 47, in such other person free from all encumbrances not created by him.