(1) If:
(a) a thing has been seized under a * search warrant, or under section 251, on the ground that a person believes on reasonable grounds that it is * tainted property; and
(b) at the time when the thing was seized, an application had not been made for a * restraining order or a * forfeiture order that would cover the thing; and
(c) such an application is not made during the period of 14 days after the day on which the thing was seized;
the * responsible custodian of the thing must arrange for the thing to be returned to the person from whose possession it was seized as soon as practicable after the end of that period.
(2) However, this section does not apply to a thing to which section 261 applies.