Kautilya's Arthashastra 3.12.13

3.12.13

nivṛttavṛddhiko vādhis tatkālakṛtamūlyas tatraivāvatiṣṭheta, anāśavināśakaraṇādhiṣṭhito vā //

In the absence of the creditor or mediator (prayojahásannidhána), the amount of the debt may be kept in the custody of the elders of the village and the debtor may have the pledged property redeemed; or with its value fixed at the time and with no interest chargeable for the future, the pledge may be left where it is. When there is any rise in the value of the pledge or when it is apprehended that it may be depriciated or lost in the near future, the pledgee may, with permission from the judges (dharmasthas), or on the evidence furnished by the officer in charge of pledges (ádhipálapratyayo vá), sell the pledge either in the presence of the debtor or under the presidency of experts who can see whether such apprehension is justified.