Sec. 503.040. SALES OF CERTAIN USED MOTOR VEHICLES CONSTITUTE PRIVATE DISPOSITION. (a) This section applies only to the sale of a used motor vehicle that constitutes collateral by a secured party acting under Chapter 9 , Business & Commerce Code, and occurs at an auction conducted by an independent motor vehicle dealer: (1) at which neither the debtor nor the secured party is permitted to bid; and (2) for which there has been no advertisement or public notice before the sale that specifically describes the collateral to be sold, other than the inclusion of the motor vehicle in a list of the vehicles to be offered at the auction made available to potential bidders at the auction. (b) The sale of the used motor vehicle constitutes a private disposition for purposes of Chapter 9 , Business & Commerce Code.
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