Section 9--610. Disposition of Collateral after Default.\n (a) Disposition after default. After default, a secured party may\nsell, lease, license, or otherwise dispose of any or all of the\ncollateral in its present condition or following any commercially\nreasonable preparation or processing.\n (b) Commercially reasonable disposition. Every aspect of a disposition\nof collateral, including the method, manner, time, place, and other\nterms, must be commercially reasonable. If commercially reasonable, a\nsecured party may dispose of collateral by public or private\nproceedings, by one or more contracts, as a unit or in parcels, and at\nany time and place and on any terms.\n (c) Purchase by secured party. A secured party may purchase\ncollateral:\n (1) at a public disposition; or\n (2) at a private disposition only if the collateral is of a kind\n that is customarily sold on a recognized market or the\n subject of widely distributed standard price quotations.\n (d) Warranties on disposition. A contract for sale, lease, license, or\nother disposition includes the warranties relating to title, possession,\nquiet enjoyment, and the like which by operation of law accompany a\nvoluntary disposition of property of the kind subject to the contract.\n (e) Disclaimer of warranties. A secured party may disclaim or modify\nwarranties under subsection (d):\n (1) in a manner that would be effective to disclaim or modify the\n warranties in a voluntary disposition of property of the kind\n subject to the contract of disposition; or\n (2) by communicating to the purchaser a record evidencing the\n contract for disposition and including an express disclaimer\n or modification of the warranties.\n (f) Record sufficient to disclaim warranties. A record is sufficient\nto disclaim warranties under subsection (e) if it indicates "There is no\nwarranty relating to title, possession, quiet enjoyment, or the like in\nthis disposition" or uses words of similar import.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.