a. Before a molder may sell the die, mold, form or pattern, the molder shall notify
the customer and, if the owner is different from the customer, the owner by certified
mail, return receipt requested. The notice shall include the following information:
(1) the molder's intention to sell the die, mold, form or pattern 30 days after the
notice was mailed;
(2) a description of the die, mold, form or pattern to be sold;
(3) the time and place of the sale; and
(4) an itemized statement for the amount due.
b. If the die, mold, form or pattern is sold for an amount which is greater than the
amount of the lien plus all reasonable expenses of the sale, any excess amount shall
be paid to any prior lienholder known to the molder at the time of the sale and any
remainder to the customer, or if the owner is different from the customer, to the
owner. If there is no prior lienholder and the customer or, if the owner is different from
the customer, the owner has not responded to the notices required to be sent pursuant
to this act, any excess shall be paid to the State Treasurer for deposit in the General
c. A lien under this act shall not take priority over an existing perfected security
d. A customer or, if the owner is different from the customer, the owner shall seek
repossession of a mold, die, form or pattern subject to a lien under this act only
by posting a bond in the amount of the charges outstanding.
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