New York Laws
Article 10 - Retail Instalment Sales Act
422 - Claim for Deficiency After Default and Repossession.

§ 422. Claim for deficiency after default and repossession. If a buyer
defaults on any instalment of the time sale price under a retail
instalment contract, and the holder obtains possession of the goods
which are the subject matter of such contract and disposes of such goods
as provided by section 9--610 of the uniform commercial code, the buyer
shall be liable to the holder for any deficiency to the extent provided
in that section; provided, however, that in calculating such deficiency
there shall be deducted from the amount thereof as prescribed by such
section 9--610, an amount equal to that portion of the refund credit to
which the buyer would have been entitled under section four hundred
eight of this chapter if, at the time the holder disposed of such goods,
the buyer had not been in default and had prepaid in full the balance of
the time sale price as the amount realized upon the disposition of the
goods bears to the balance of the time sale price.

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