(1) When the property seized is subject to speedy and natural decay or when the expense of keeping it in custody together with the amount to be recovered is likely to exceed its value, the Chief Municipal Officer, shall at once give notice to the person in whose possession the property was, when attached, to the effect that it will be sold at once, and shall sell it accordingly unless the amount named in the warrant be forthwith paid or a security equal to that amount be furnished.
(2) If property is not sold at once under sub-Section (1), the attached property or a sufficient portion thereof may, unless the sum due by the defaulter together with all costs incidental to the notice, warrant, attachment and detention of the property is paid, be sold by public auction under the orders of Chief Municipal Officer in the manner prescribed by the State Government and the proceeds or such part thereof as shall be requisite shall be applied in discharge of the sum due and of all such incidental costs as aforesaid.
(3) The surplus, if any, shall be forthwith credited to the municipal fund, notice of such credit being given at the same time to the persons in whose possession the property was at the time of attachment but if the same be claimed by written application to the Municipality within one year from the date of the notice given under this sub-Section, a refund thereof shall be made to such person. Any sum not claimed within one year from the date of such notice, shall be the property of the Municipality.