(a) All mechanics and artisans who are in possession of articles of personal property, and hold them by virtue of a lien thereon for labor and material, shall have a right to sell them for the satisfaction of the debt for which the property is held.

(b) Lienholders shall give a bond in the sum to be fixed by a circuit court with proper jurisdiction before they shall proceed to sell, by proceeding in accordance with the requirements of this section.

(c)

(1) The sale shall not take place until the expiration of thirty (30) days from the time the work is completed.

(2)

(A) If the debt is not paid at the end of that time, it shall be the duty of the lienholder, not less than ten (10) days before making the sale, to post up a written notice of the proposed sale at or near the front of his or her place of business, or, in case he or she has no place of business, at five (5) of the most public places in the township.

(B) This notice of the proposed sale shall specify the property to be sold, the name of the owner or debtor, and the time and place of sale.

(C) The notice shall be signed by the lienholder.

(d) At the sale, which shall be at public auction for cash, the lienholder shall have the right to bid not less than the amount of his or her debt. In case the property sells for more than the amount due, he or she shall pay over the surplus on demand to the person entitled thereto.

(e) In case the place of residence or post office address of the debtor is known to the lienholder, it shall be his or her duty, besides giving the notice as required in subsection (c) of this section, to make demand for the debt before making the sale, either in person or by letter.

(f) In all the lienholder's dealings with the property held by him or her, the lienholder shall act in good faith with the debtor and shall be responsible for any abuse of the powers and authority vested in him or her by the provisions of this section.