Notice; sale of property
Sec. 2. (a) A lien provided for in section 1 of this chapter includes
the value or agreed price, if any, of all materials furnished by the
bailees for hire in connection with the work, whether added to the
article or otherwise.
(b) If the account remains unpaid for one hundred twenty (120)
days after completing the work, the bailees for hire may give written
notice to the owner, specifying the amount due and informing the
owner that:
(1) the payment of the amount within thirty (30) days will
entitle the owner to redeem the property;
(2) if the property is not redeemed within the thirty (30) day
period, the bailee for hire may give a second and similar notice;
and
(3) if the owner does not redeem the property not later than
fifteen (15) days after the second notice is given, the bailee for
hire may sell the article at a bona fide public or private sale to
satisfy the account.
(c) The proceeds of a sale under subsection (b), after paying the
expenses of the sale, shall be applied in liquidation of the
indebtedness secured by the lien and the balance, if any, shall be paid
over to the owner.
(d) The notice under subsection (b) may:
(1) be served by mail directed to the owner's last known
address; or
(2) be posted in two (2) public places in the town or city where
the property is located, if the owner or the owner's address is
not known. The notice must be written or printed.
As added by P.L.2-2002, SEC.18.
Last modified: May 24, 2006