1. The pledgee must notify in writing to the debtor to make a payment of debt and accessories within a specified reasonable time in the notice.
2. If the debtor fails to perform the obligation within a reasonable time above, the pledgee can sell the pledged property by public auction.
3. The pledgee must notify the pledgor in writing of the day, time and place of the auction. (Section 764)
Exception: if notification is impracticable, the pledgee may sell the pledged property by public auction after one month from the time the obligation became due. (Section 765)