(a) Immediately upon the return of the inventory and appraisement, the assignee shall proceed to advertise for sale and sell the assigned estate in all respects as though the same had been taken on execution issued out of the district court. Real property so sold shall be conveyed by the assignee to the purchaser or purchasers of the same by deeds or deeds of conveyance, executed and acknowledged as in other cases, which shall convey all the interest the assignor had in the property sold at the date of the assignment. Before such conveyance is made the proceedings on the sale shall be returned to and confirmed by the court as in case of sales of real property on execution, and the court may set aside the sale or make any order in the premises as in case of such sales on execution. No notice of an application to have the sale confirmed need be given to any person, but any party interested may appear and resist the confirmation, and the application may be made by any person interested, and the assignee may be compelled by attachment by the court to make the return with all reasonable dispatch.
(b) Notwithstanding the provisions of subsection (a) of this section, the creditors at their first meeting may, by a like vote as that required for the election of an assignee, require any portion or all the personal property assigned to be sold at private sale. Upon such request the court shall make an order that the personal property described in the request shall be sold by the assignee at private sale, and shall direct the mode of such sale whether the same being merchandise, shall be sold by retail or in job lots, or both, or otherwise, and whether upon any or upon what notice or advertisement, and such sale shall be solely for cash. No such property shall be sold at private sale for less than its appraised value, except upon written application of a majority in amount of the claims voted upon the election of the assignee, fixing the price, and on order of the court. The court shall also direct by order who shall be employed if any one, to assist at such private sale, and the amount of his or their compensation. The private sale shall not continue longer than sixty days after the making of the order authorizing the same. At the expiration of such time the remainder of such estate, if any, shall be immediately advertised and sold in the manner provided in subsection (a) of this section.