(a)All mechanics and artisans who are in possession of articles of personal property, and hold them by virtue of a lien thereon for labor and material, shall have a right to sell them for the satisfaction of the debt for which the personal property is held.
(b)(1) Lienholders shall:
(A)Determine the fair market value of the personal property to be sold; and (B) File a bond with the circuit clerk in the amount determined under subdivision (b)(1)(A) of this section.
(2)The bond shall be executed by one (1) or more sufficient sureties of the lienholder so that if the circuit court finds that the lienholder wrongfully enforced the lien provided for by this subchapter, the surety shall pay to the debtor damages up to the amount of the bond.
(3)The lienholder shall be liable to the debtor f
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(a) All mechanics and artisans who are in possession of articles of personal property, and hold them by virtue of a lien thereon for labor and material, shall have a right to sell them for the satisfaction of the debt for which the personal property is held. (b) (1) Lienholders shall: (A) Determine the fair market value of the personal property to be sold; and (B) File a bond with the circuit clerk in the amount determined under subdivision (b)(1)(A) of this section. (2) The bond shall be executed by one (1) or more sufficient sureties of the lienholder so that if the circuit court finds that the lienholder wrongfully enforced the lien provided for by this subchapter, the surety shall pay to the debtor damages up to the amount of the bond. (3) The lienholder shall be liable to the debtor for: (A) Court costs; and (B) Any sum of money adjudged as damages to the debtor which exceed the amount of the bond, not to exceed two (2) times the fair market value, as determined by a court of competent jurisdiction, of the personal property. (4) The circuit court may in its discretion award the debtor attorney's fees. (c) (1) The sale shall not take place until the expiration of thirty (30) days from the date the lienholder makes demand for the debt by certified letter addressed to the last known residence or post office address of the debtor as required by subsection (e) of this section. (2) (A) If the debt is not paid at the end of that time, it shall be the duty of the lienholder, not less than ten (10) days before making the sale, to: (i) Post a written notice of the proposed sale at or near the front door of his or her place of business; and (ii) Notify the debtor of the proposed sale by certified letter addressed to the last known residence or post office address of the debtor. (B) The notice of the proposed sale under subdivision (c)(2)(A) of this section shall: (i) Specify the personal property to be sold, the name of the owner or debtor, the time and place of sale, the amount of the bond filed with the circuit clerk under § 18-45-205 , and shall be signed by the lienholder; and (ii) Be filed by the lienholder with the circuit clerk in the county in which the lienholder is situated. (d) At the sale, which shall be at public auction for cash, the lienholder shall have the right to bid not less than the amount of his or her debt. In case the personal property sells for more than the amount due, he or she shall pay over the surplus on demand to the person entitled thereto. (e) It shall be the duty of the lienholder, besides giving the notice as required in subdivision (c)(2) of this section, to make demand for the debt before making the sale by certified letter addressed to the last known residence or post office address of the debtor. (f) In all the lienholder's dealings with the personal property held by him or her, the lienholder shall act in good faith with the debtor and shall be responsible for any abuse of the powers and authority vested in him or her by the provisions of this section.