12. [ Sale of pledge and inspection of sale book. [Substituted by section 8(1) of the Tamil Nadu Pawnbroker (Amendment) Act, 1993 (Tamil Nadu Act 1 of 1994).]
(1)A pledge pawned shall not be disposed of by the pawnbroker otherwise than by sale at a public auction, conducted in accordance with such rules as may be prescribed.(2)Where the highest bid at the sale by auction is the bid of the pawnbroker, the sale shall not take effect unless the bid is for a sum exceeding the sum payable on the pawn inclusive of interest and prescribed charges.(3)At any time within three years after the public auction, the holder of the pawn-ticket may inspect the entry relating to the sale either in the pawnbroker's book or in such catalogue of the auction as may be prescribed.(4)[(a) Where a pledge has been sold for more than the amount of the loan and the interest and prescribed charges due at the time of the sale, the pawnbroker shall, within thirty days after the sale, pay to pawner by money order the surplus after deducting therefrom the deficit, if any, referred to in clause (b), necessary costs and the prescribed charges of the sale. If the surplus has been returned undelivered, the pawnbroker shall pay the amount so returned to the holder of the pawn-ticket on demand made within six months after the sale.](b)If [***] [The words 'on such demand' were omitted by section 8(2) the Tamil Nadu Pawnbroker (Amendment) Act, 1993 (Tamil Nadu Act 1 of 1994)] it appears that the sale of the pledge has resulted in a surplus, but that within twelve months before such sale, the sale of any other pledge or pledges of the same person has resulted in a deficit, the pawnbroker may set off the deficit against the surplus and shall be liable to pay only the balance, if any, after such set off.(c)[ If the surplus amount is not paid and no demand for the same is made within six months after the sale, the pawnbroker shall deposit the amount with the State Government as revenue deposit and shall intimate the fact of such deposit to the licensing authority.] [These clauses were added by section 8(3) of the Tamil Nadu Pawnbroker (Amendment) Act, 1993 (Tamil Nadu Act 1 of 1994)](d)The surplus amount so deposited by the pawnbroker under clause (c) shall be dealt with by the licensing authority in accordance with such rules as may be made by the State Government in this behalf.]
