2006 New York Code - Determination Of Whether Conduct Was Comercially Reasonable

 
  Section 9--627. Determination   of   Whether  Conduct  Was  Commercially
                    Reasonable.
    (a) Greater amount obtainable under other circumstances; no preclusion
  of commercial reasonableness. The fact that a greater amount could  have
  been  obtained  by a collection, enforcement, disposition, or acceptance
  at a different time or in a different method from that selected  by  the
  secured  party is not of itself sufficient to preclude the secured party
  from establishing that  the  collection,  enforcement,  disposition,  or
  acceptance was made in a commercially reasonable manner.
    (b) Dispositions  that  are  commercially reasonable. A disposition of
  collateral  is  made  in  a  commercially  reasonable  manner   if   the
  disposition is made:
         (1) in the usual manner on any recognized market;
         (2) at  the price current in any recognized market at the time of
             the disposition; or
         (3) otherwise in conformity with reasonable commercial  practices
             among dealers in the type of property that was the subject of
             the disposition.
    (c) Approval  by  court  or  on  behalf  of  creditors.  A collection,
  enforcement, disposition, or acceptance is commercially reasonable if it
  has been approved:
         (1) in a judicial proceeding;
         (2) by a bona fide creditors' committee;
         (3) by a representative of creditors; or
         (4) by an assignee for the benefit of creditors.
    (d) Approval under subsection (c) not necessary; absence  of  approval
  has  no  effect. Approval under subsection (c) need not be obtained, and
  lack of  approval  does  not  mean  that  the  collection,  enforcement,
  disposition, or acceptance is not commercially reasonable.