(a) If the owner of impounded stock or his agent, after being notified of the impoundment, shall neglect to pay the fees and damages, the taker-up of the stock may sell them at public auction for cash, after first giving five (5) days' notice of the time, place, and terms of the sale, by:
(1) One (1) posted handbill on the courthouse door of the county; and
(2) A copy of the notice delivered to the owner of the stock, if known.
(b) The taker-up shall:
(1) Apply the proceeds, after deducting expenses of sale, to the satisfaction of his fees and damages; and
(2) Pay the balance to the owner of the stock.