If the charges when due are not paid within ten (10) days after demand therefor, such hotel, inn, boarding house, or restaurant keeper, may, on giving ten (10) days’ notice of the time and place of such sale by posting notice in two public places, one of which shall be in a public place in the hotel, boarding house, inn or restaurant, where such personal baggage or goods are seized, sell such goods and baggage to the highest bidder for cash, and apply the proceeds to the expense of keeping such goods and baggage, and of the sale thereof, and to the satisfaction, in whole or in part, as the case may be, of said lien. The balance of such proceeds, if any there be, shall be paid over to the owner thereof on demand. The demand herein first provided for to be made by the keeper upon the owner for the charges due, may be in person, or by letter, or writing duly stamped, addressed and mailed to such owner to his address if known to such keeper or to the address appearing on the register of such hotel, inn, boarding house or restaurant. The demand on the part of the owner for the residue or remainder shall be made within twelve (12) months from the date of sale of such goods or personal baggage. If not demanded within twelve (12) months after date of such sale, such residue or remainder shall be deposited with the chancery clerk of the county in which said hotel, inn, boarding house, or restaurant is located, together with a statement of the proprietor of such hotel, inn, boarding house or restaurant of the amount of the lien and costs in enforcing the same, together with a copy of the posted notice and the amount received from the sale of said property so sold at said sale. Said residue shall, by said chancery clerk, be credited to the general revenue fund of said county, subject to the right of said guest, or boarder, or their representatives to reclaim the same at any time within two years from and after the deposit of such residue with the said chancery clerk. Such sale shall be a perpetual bar to any action against said hotel, inn, boarding house, or restaurant keeper for the recovery of such goods or baggage, or of the value thereof, or for any damage growing out of the failure of such guest to receive such goods or personal baggage.