If the lienholder has not been paid within sixty (60) days after payment becomes overdue, the lienholder may sell the equipment at auction if:

1. (1) the equipment is still in the lienholder's possession; and

2. (2) the lienholder complies with section 3 of this chapter.

   [Pre-2002 Recodification Citation: 32-8-36-2.]

As added by P.L.2-2002, SEC.18.