§ 227-9. Sale of unclaimed pledges.

A. 

Sale prohibited within one year. No pawnbroker or collateral loan broker shall sell any pawn or pledge until the same shall have remained one year in his possession, and all such sales shall be held at public auction and not otherwise and shall be conducted by a licensed auctioneer.

B. 

Notice of sale. No pledge shall be sold unless written or printed intention to sell with a statement of article or articles to be sold has been first mailed by letter addressed to the pledger at the address given at the time of pledging at least 10 days prior to the date of sale. Notice of every such sale shall be published for at least six days previous thereto in the official newspaper of the City of New Rochelle, and such sale shall take place within the City of New Rochelle. The notice of sale shall specify the time and place at which said sale is to take place, the name of the auctioneer by whom the sale is to be conducted, a statement of the classes of pledges to be sold and the inclusive dates and numbers of the pawn tickets of the pledges to be sold. If the pledge at such sale shall be purchased by the pawnbroker or collateral loan broker, the pledger shall be entitled to redeem the same within 10 days thereafter by tendering to the pawnbroker or collateral loan broker the amount of the loan with the interest due thereon.

C. 

Disposition of proceeds. The surplus money, if any, arising from any such sale, after deducting the amount of the loan, the interest then due on the same and the expense of the advertisement and sale shall be paid over by the pawnbroker or collateral loan broker to the person who would be entitled to redeem the pledge in case no such sale had taken place.