§ 9627. 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 which 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 which 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.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 9602 - Waiver and variance of rights and duties
Section 9603 - Agreement on standards concerning rights and duties
Section 9604 - Procedure if security agreement covers real property or fixtures
Section 9605 - Unknown debtor or secondary obligor
Section 9606 - Time of default for agricultural lien
Section 9607 - Collection and enforcement by secured party
Section 9609 - Secured party's right to take possession after default
Section 9610 - Disposition of collateral after default
Section 9611 - Notification before disposition of collateral
Section 9612 - Timeliness of notification before disposition of collateral
Section 9613 - Contents and form of notification before disposition of collateral: general
Section 9615 - Application of proceeds of disposition; liability for deficiency and right to surplus
Section 9616 - Explanation of calculation of surplus or deficiency
Section 9617 - Rights of transferee of collateral
Section 9618 - Rights and duties of certain secondary obligors
Section 9619 - Transfer of record or legal title
Section 9621 - Notification of proposal to accept collateral
Section 9622 - Effect of acceptance of collateral
Section 9623 - Right to redeem collateral
Section 9625 - Remedies for secured party's failure to comply with division
Section 9626 - Action in which deficiency or surplus is in issue
Section 9627 - Determination of whether conduct was commercially reasonable