2013 New York Consolidated Laws
GBS - General Business
Article 5 - (40 - 55) COLLATERAL LOAN BROKERS
48 - Sale of unclaimed pledge by collateral loan broker.

 
    §  48.  Sale of unclaimed pledge by collateral loan broker. 1. No pawn
  or pledge made with a collateral loan broker shall  be  sold  until  the
  same shall have remained four months in his possession.
    2. All sales of defaulted pledges shall be public or private with each
  such pledge being individually offered for sale.
    (a)  If  at public sale, then it shall be by public auction, and shall
  be conducted by licensed auctioneers within the state of New  York.  All
  bids for the purchase of any defaulted pledge offered at such sale shall
  be  oral,  and  expressed  in  dollars  and cents without the use of any
  special signs, signals or motions, if less  than  eleven  people  attend
  such sale.
    (b)  A  private sale may be at any time and place and on any terms but
  every aspect of the disposition  including  the  method,  manner,  time,
  place  and  terms  must  be  commercially  reasonable  and  conducted in
  conformity with applicable uniform commercial code provisions  regarding
  the disposal of collateral after default.
    (c)  In  addition to any other provision contained in this article and
  article twenty-two-A of this chapter, section three  hundred  forty-nine
  of  this  chapter  shall  apply to a violation of the private and public
  sale provisions of this article.