§ 154 — Sale procedure for mold lien property

§ 154. Sale procedure for mold lien property. 1. Before a molder may\nsell the die, mold, form or pattern the molder shall notify the customer\nand the holder of a perfected security interest by registered mail,\nreturn receipt requested. This notice shall include the following\ninformation:\n (a) The molder's intention to sell the die, mold, form or pattern\nthirty days after the customer's receipt of the notice.\n (b) A description of the die, mold, form or pattern to be sold.\n (c) The time and place of the sale.\n (d) An itemized statement for the amount due.\n (e) The notice shall state that if a customer disputes the amount\nclaimed under the lien, the customer is entitled to bring a proceeding\nhereunder within ten days of the service of the notice of sale to\nestablish the amount of the lien. The proceeding may be brought in any\ncourt which would have jurisdiction to render a judgment for a sum equal\nto the amount of the lien.\n 2. If there is not a return of the receipt of the mailing or if the\npostal service returns the notice as being nondeliverable, the molder\nshall publish notice of the molder's intention to sell the die, mold,\nform or pattern in a newspaper of general circulation in the customer's\nlast known place of business. The notice shall include a description of\nthe die, mold, form or pattern.\n 3. If the sale is for a sum greater than the amount of the lien, the\nexcess shall be paid to any other lienholder known to the molder at the\ntime of the sale and any remainder to the customer, if the customer's\naddress is known, or the state treasurer for deposit in the general fund\nif the customer's address is unknown to the molder at the time of the\nsale.\n 4. A sale shall not be made under this section if it would be a\nviolation of any right of the customer under federal patent or copyright\nlaw.\n