[§356D-53]  Foreclosure of lien, notice,etc.  (a)  The lien of the authority upon personal property that has beentaken and retained by it as provided in section 356D-52 may be foreclosed bythe 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 addressshown on the records of the authority.  The notice shall state that, unless thecharge or charges then due and owing from the tenant to the authority are paidwithin ten days from the time of mailing the notice, the personal property willbe sold at public auction; and

(2)  After first giving public notice of the foreclosureand sale at least two times in the county in which the personal property islocated.  Each notice shall contain a brief description of the personalproperty; the name of the tenant, if known; the name of the owner of thepersonal property, if known; the amount of the charge or charges; and the timeand place of the sale.  Notices of several foreclosures and sales may becombined in one notice; and whenever so combined and given, the expenses ofnotice and sale shall be a statutory lien upon the property described in thenotice in a ratable proportion according to the amount received for each lot ofproperty so noticed for sale.

(b)  If the tenant fails to pay to theauthority within ten days after the mailing of the notice of foreclosure thecharge or charges, the authority may sell the property at public auction at thetime and place stated in the notice, or at a time or times or place or placesto which the sale may be postponed or adjourned at the time and place stated inthe notice, and may apply the proceeds thereof to the payment of the charge orcharges 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 daysafter the sale, then the balance shall be paid over to the director of financeand it shall be kept by the director in a special deposit for a period not toexceed six months.  If claimed by the tenant during that period, it shall bepaid to the tenant.  If no claim is made during the period, the sum shallbecome a government realization and be paid into the general fund. [L 2006, c180, pt of §2]