2006 New York Code - Disposition Of Collateral After Default



 
  Section 9--610. Disposition of Collateral after Default.
    (a) Disposition  after  default.  After  default,  a secured party may
  sell, lease, license,  or  otherwise  dispose  of  any  or  all  of  the
  collateral  in  its  present  condition  or  following  any commercially
  reasonable preparation or processing.
    (b) Commercially reasonable disposition. Every aspect of a disposition
  of collateral, including the method,  manner,  time,  place,  and  other
  terms,  must  be  commercially reasonable. If commercially reasonable, a
  secured  party  may  dispose  of  collateral  by   public   or   private
  proceedings,  by  one or more contracts, as a unit or in parcels, and at
  any time and place and on any terms.
    (c) Purchase  by  secured  party.  A  secured   party   may   purchase
  collateral:
         (1) at a public disposition; or
         (2) at  a private disposition only if the collateral is of a kind
             that is customarily  sold  on  a  recognized  market  or  the
             subject of widely distributed standard price quotations.
    (d) Warranties on disposition. A contract for sale, lease, license, or
  other disposition includes the warranties relating to title, possession,
  quiet  enjoyment,  and  the  like  which by operation of law accompany a
  voluntary disposition of property of the kind subject to the contract.
    (e) Disclaimer of warranties. A secured party may disclaim  or  modify
  warranties under subsection (d):
         (1) in a manner that would be effective to disclaim or modify the
             warranties in a voluntary disposition of property of the kind
             subject to the contract of disposition; or
         (2) by  communicating  to  the  purchaser a record evidencing the
             contract for disposition and including an express  disclaimer
             or modification of the warranties.
    (f) Record  sufficient  to disclaim warranties. A record is sufficient
  to disclaim warranties under subsection (e) if it indicates "There is no
  warranty relating to title, possession, quiet enjoyment, or the like  in
  this disposition" or uses words of similar import.

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