1. (a) If the rental, cost, and damages determined under Section 125.510(d) are not paid before the second anniversary of the date on which the box is opened, the credit union may:

   1. (1) sell all or part of the contents at a public auction in the manner and on the notice prescribed for the sale of real property under deed of trust under Section 51.002, Property Code; and
   2. (2) apply the sale proceeds to the rental, cost, and damages.

2. (b) The credit union shall send to the comptroller as provided by Chapter 74, Property Code:

   1. (1) the unauctioned contents of a box; and
   2. (2) any excess proceeds from the auction.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.