New York Laws
Sub Part 1 - Default and Enforcement of Security Interest
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.