New York Laws
Sub Part 2 - Noncompliance With Article
9-627 - Determination of Whether Conduct Was Comercially 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.

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