(a) The sheriff shall give notice by publication in some newspaper published in the county where the land is situated, at least four (4) weeks before the day of sale, that he or she will sell the land or lots at the courthouse door.
(b) Upon the day of the sale, the sheriff shall offer the lands or lots at public auction in separate legal subdivisions, if land, and by separate lots, if town lots.
(c) The sale shall be between the hours of 10:00 a.m. and 3:00 p.m. but may be continued from day to day, at the county courthouse door and between the same hours, until all has been sold or offered.
(d) All sales shall be for cash.
(e) If any bidder shall fail to perfect his or her bid by paying the cash, the sheriff shall resell the land, and the bidder shall be responsible for the difference between his or her bid and the price for which the land sold, which may be recovered from him or her in an action for the use and benefit of the permanent school fund.
(f) If any tract of land or lot is not sold, it may be offered again as provided in this section until sold without a new application.