295Application of proceeds of sale

295 Application of proceeds of sale (1) Subject to subsection (2), the proceeds of sale of pawned goods are to be applied in settlement of all amounts owing to the pawnbroker under the contract under which the goods were pawned and the amount of any surplus is a debt due by the pawnbroker to the other party to the contract. (2) Where the amount of the surplus is less than $50 or such other amount as may be prescribed under section 297, the amount is a debt due and payable by the pawnbroker to the other party to the contract only if the other party has, within 60 days after the sale of the goods, demanded the return of the surplus.