Sec. 3. (a) Before a lienholder may sell the equipment, the lienholder must, by certified mail, return receipt requested, notify the owner and any person whose security interest is perfected by filing concerning the following:

(1) The lienholder’s intention to sell the equipment thirty (30) days after the owner’s receipt of the notice.

(2) A description of the equipment to be sold.

(3) The time and place of the sale.

(4) An itemized statement describing the value of labor and materials provided and for which the lienholder has not been paid.

     (b) If upon receipt of the notice the owner informs the lienholder in writing of the owner’s objections regarding the quality of the workmanship or an alleged overcharge, the lienholder must foreclose by judicial proceeding.

     (c) If there is no return of the receipt or if the postal service returns the notice as being nondeliverable, the lienholder shall publish notice of the lienholder’s intention to sell the equipment in a newspaper of general circulation in the place where the equipment is being held for sale by the lienholder. The notice must include a description of the equipment and name of its owner.

[Pre-2002 Recodification Citation: 32-8-36-3.]

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