(a) The trustee in any such deed, except so far as may be therein otherwise provided, shall, whenever required by any creditor secured or any surety indemnified by the deed, or the personal representative of any such creditor or surety, after the debt due to such creditor, or for which such surety may be liable, shall have become payable, and default shall have been made in the payment thereof, or any part thereof, by the grantor, sell the property conveyed by the deed, or so much thereof as may be necessary, at public auction, for cash, having first given notice of such sale as hereinafter prescribed, and shall apply the proceeds of sale, first to the payment of expenses attending the execution of the trust, including a commission to the trustee of five percent (5%) on first three hundred dollars ($300.00) and two percent (2%) on the residue of the proceeds, and then, pro rata (or in the order of priority, if any, prescribed by the deed) to the payment of the debts secured and the indemnity of the sureties indemnified by the deed, and shall pay the surplus, if any, to the grantor, his heirs, personal representatives, or assigns. Every such notice of such sale shall show the following particulars:
(i) The time and place of sale;
(ii) The names of the parties to the deed under which it will be made;
(iii) The date of the deed;
(iv) The office and book in which it is recorded;
(v) The quantity and description of the land or other property, or both, conveyed thereby;
(vi) The names of the persons secured or indemnified thereby;
(vii) The amount secured and the time when payable;
(viii) The amount of credits, if any, to which the same is subject;
(ix) The amount of the principal and interest claimed to be due and unpaid, and for which the sale will be made.
