If the value of the property as found by the appraisement does not exceed $500, the sheriff or other officer shall allow the same to remain in the possession of the execution defendant for the use of himself and family.

If the value exceeds $500, the execution defendant may select from the inventory articles to the amount of $500 to be reserved for the use of himself and his family, and shall annex to the inventory a written statement thereof, signed by himself. The residue of the property shall be sold by the sheriff or other officer under the execution or process in payment, or towards payment of such execution or process.

L.1951 (1st SS), c.344.