2. In the event of the non-payment of such bill, note or debt when due, the endorsee may sell the said cereal grains, goods, wares or merchandise, and retain the proceeds or so much thereof as will be equal to the amount due upon such bill, note or debt, with any interest or costs, returning the overplus, if any, to such endorser.
R. S. 1964, c. 318, s. 2.