(a) The finder of a thing may sell it, if it is a thing which is commonly the subject of sale, when the owner cannot, with reasonable diligence, be found, or, being found, refuses upon demand to pay the lawful charges of the finder in the following cases:
(1) When the thing is in danger of perishing, or losing the greater part of its value; or,
(2) When the lawful charges of the finder amount to two thirds of its value.
(b) A sale under the provisions of subsection (a) of this section must be made in the same manner as the sale of a thing pledged.
(Code 1923, §§7996, 7997; Code 1940, T. 47, §§159, 160.)