[§356D-53] Foreclosure of lien, notice, etc. (a) The lien of the authority upon personal property that has been taken and retained by it as provided in section 356D-52 may be foreclosed by the authority by selling the property at public auction:
(1) After first mailing by United States mail, postage prepaid, a notice of the foreclosure addressed to the tenant who owns, or was in possession of, the personal property at the tenant's last address shown on the records of the authority. The notice shall state that, unless the charge or charges then due and owing from the tenant to the authority are paid within ten days from the time of mailing the notice, the personal property will be sold at public auction; and
(2) After first giving public notice of the foreclosure and sale at least two times in the county in which the personal property is located. Each notice shall contain a brief description of the personal property; the name of the tenant, if known; the name of the owner of the personal property, if known; the amount of the charge or charges; and the time and place of the sale. Notices of several foreclosures and sales may be combined in one notice; and whenever so combined and given, the expenses of notice and sale shall be a statutory lien upon the property described in the notice in a ratable proportion according to the amount received for each lot of property so noticed for sale.
(b) If the tenant fails to pay to the authority within ten days after the mailing of the notice of foreclosure the charge or charges, the authority may sell the property at public auction at the time and place stated in the notice, or at a time or times or place or places to which the sale may be postponed or adjourned at the time and place stated in the notice, and may apply the proceeds thereof to the payment of the charge or charges and the expenses of notice and sale. The balance, if any remaining, shall be paid over to the tenant who formerly owned, or was in possession of, the property. If the balance is not claimed by the tenant within thirty days after the sale, then the balance shall be paid over to the director of finance and it shall be kept by the director in a special deposit for a period not to exceed six months. If claimed by the tenant during that period, it shall be paid to the tenant. If no claim is made during the period, the sum shall become a government realization and be paid into the general fund. [L 2006, c 180, pt of §2]
Section: Previous 356d-45.5 356d-46 356d-47 356d-48-and-356d-49 356d-50 356d-51 356d-52 356d-53 356d-54 356d-55 356d-56 356d-56.1 356d-57 356d-58 356d-59 NextLast modified: October 27, 2016