§ 11-14. Redemption; sale.

(a) In general.

The article so deposited

(1) may and, if so agreed, shall be held by said pawnbroker 6 months, to be computed from the date of certificate as aforesaid; and

(2) if not then redeemed, or by contract the certificate thereof be renewed, it shall and may be lawful for the said pawnbroker then to proceed to have such deposit sold, on first giving 10 days' notice in a newspaper published in said City, of the time, place, and mode of sale for cash and at public sale, which shall be effected by an agent by said pawnbroker to be designated.

(b) Pawnbroker may bid.

At the sale, it shall and may be lawful for the pawnbroker, when by him deemed essential for self-protection, to be a competitor.

(c) Accounting.

Upon such sale being made, an account thereof, sworn to by the agent effecting the same as in all respects fair and bona fide shall be rendered to and kept by said pawnbroker, and a copy thereof shall be delivered on reasonable demand to the depositor of the matter so sold.

(d) Allocation of proceeds.

The proceeds of the sale shall be applied:

(1) first, to the payment of all expenses usual and incident to such sale, inclusive of any tax that thereon may be chargeable legally;

(2) secondly, to the legal interest and charges hereby authorized on advance and deposit as aforesaid and as herein specified;

(3) thirdly, to reimbursing to the pawnbroker the principal advanced, any deficiency wherein shall be a valid claim against such depositor; and

(4) any surplus shall be payable and paid to said depositor, or the party thereto legally entitled, if demanded at any time within 12 months from the day of such sale.