MARVIN MANDEL, Governor

503

AT LEAST 10 DAYS BEFORE THE SALE, THE HOLDER SHALL
NOTIFY THE BUYER IN WRITING SENT BY REGISTERED OR
CERTIFIED MAIL OF THE TIME AND PLACE OF THE SALE.

(E)   APPLICATION OF PROCEEDS.

(1)    THE PROVISIONS OF THIS SUBSECTION (E)
APPLY TO:

(i) A PUBLIC SALE HELD UNDER THE PROVISIONS
OF THIS SECTION; AND

(ii) ANY OTHER BONA FIDE PUBLIC OR PRIVATE
SALE OF GOODS WHICH HAD A CASH PRICE IN EXCESS OF $2,000
AT THE TIME OF THEIR PURCHASE BY THE BUYER, IF THE BUYER
HAS NOT PAID AT LEAST 50 PERCENT OF THE CASH PRICE OF THE
GOODS OR IF HE HAS PAID THAT AMOUNT BUT HAS NOT REQUESTED
A PUBLIC SALE UNDER SUBSECTION (A) OF THIS SECTION.

(2)   THE PROCEEDS OF A SALE TO WHICH THIS
SUBSECTION APPLIES, INCLUDING THE DEPOSIT REQUIRED BY
SUBSECTION (B) OF THIS SECTION, SHALL BE APPLIED, IN THE
FOLLOWING ORDER, TO:

(i) THE ACTUAL AND SEASONABLE COST OF THE
SALE;

(ii) THE ACTUAL AND REASONABLE COST OF
RETAKING AND STORING THE GOODS; AND

(iii) THE UNPAID BALANCE OWING UNDER THE
AGREEMENT AT THE TIME THE GOODS ARE REPOSSESSED.

(2)   AFTER APPLICATION OF THE PROCEEDS AND
DEPOSIT IN ACCORDANCE WITH PARAGRAPH (1) OF THIS
SUBSECTION, ANY REMAINING BALANCE SHALL BE PAID TO THE
BUYER.

(3)     IF THE PROCEEDS AND DEPOSIT ARE
INSUFFICIENT TO PAY THE ITEMS ENUMERATED IN PARAGRAPH (1)
OF THIS SUBSECTION, THE BUYER IS LIABLE FOR THE
DEFICIENCY IF:

(i) THE AGREEMENT PROVIDES FOR LIABILITY FOR
A DEFICIENCY; AND

(ii) THE HOLDER HAS COMPLIED WITH ALL
REQUIREMENTS OF THIS SUBTITLE, INCLUDING THE NOTICE
REQUIREMENT OF §12-624(D).

(F)   STATEMENT RELATING TO DISPOSITION OF PROCEEDS.

THE HOLDER SHALL FURNISH TO THE BUYER A WRITTEN
STATEMENT WHICH SHOWS THE DISPOSITION OF THE PROCEEDS AND