Section468.If the contract contains no time clause concerning the payment of the price, the seller is entitled to retain the sold property until the price is paid.
Section469.If the buyer becomes bankrupt before the property is delivered, or the buyer is already bankrupt at the time of the sale, unbeknownst to the seller, or the buyer impairs or lessens the security given to secure the payment of a sum, although the contract contains a time clause concerning the payment of the price, the seller is entitled to retain the sold property, save where the buyer provides appropriate security.
Section470.If the buyer is in default, the seller who has retained the property by virtue of any of the previously mentioned sections may resort to the following remedy instead of the ordinary remedy for nonperformance, that is to say, he may send a letter of notice to the buyer, requiring the latter to pay the price together with the relevant outlays within a reasonable time, which must also be designated in such notice.
If the buyer fails to follow the notice, the seller may put the property to public auction.
Section471.When the public auction yields any net proceeds, the seller shall deduct from them the amount due to him as the price
