1. If an insured bank, insured credit union, insured savings and loan association or insured savings bank fails to pay a deposit, or any part thereof, on demand of the county treasurer, the county treasurer, with the written approval of the board of county commissioners, forthwith shall: (a) Advertise the securities for sale for not less than 10 days in a newspaper of general circulation published within this state. (b) Sell the securities, or a sufficient amount thereof, to repay the deposit, at public or private sale to the highest and best bidder. (c) Apply the proceeds of the sale, including accrued interest, if any, toward the cancellation of the deposit. 2. If there is an excess of the proceeds or of security, or both, after the satisfaction of the deposit, the excess must be returned to the depository bank, credit union, savings and loan association or savings bank or its successor in interest. 3. This section does not prevent the depository bank, credit union, savings and loan association or savings bank, or the commissioner of financial institutions in charge thereof, or the legally constituted receiver or liquidator thereof from redeeming the securities within a reasonable time, as determined by the board of county commissioners, at such a price as will repay to the county treasurer the full amount of the deposit in the depository.
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