The tax administrator may sell or retain the security if it becomes necessary to recover any tax or any amount required to be collected, interest or penalty due. Notice of such sale or retention of security may be served upon the person who placed the security personally or by mail; if by mail, service must be made in the manner prescribed for service of a notice of a deficiency determination and must be addressed to the person at his address as it appears in the records of the tax administrator. Security in the form of bearer bond issued by the United States or the state which has a prevailing market price not lower than the prevailing market price may be sold by the tax administrator at a private sale at a price not lower than the prevailing market price. Upon any sale or retention of security, any surplus above the amounts due must be returned to the person who placed the security. (Prior code § 13-33)