If a thing deposited is in actual danger of perishing before instructions can be obtained from the depositor, the depository may sell it for the best price obtainable, and retain the proceeds as a deposit, giving immediate notice of his proceedings to the depositor.

Source: CivC 1877, § 1049; CL 1887, § 3673; RCivC 1903, § 1368; RC 1919, § 985; SDC 1939, § 60.0102 (11).