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§12A-9-507.
§12A-9-507.
(1) If it is established that the secured party is not proceeding in
accordance with the provisions of this part disposition may be ordered
or restrained on appropriate terms and conditions. If the disposition
has occurred, the debtor or any person entitled to notification, other
than the holder of a subordinate lien that is not a security interest,
or whose security interest has been made known to the secured party
prior to the disposition has a right to recover from the secured party
any loss caused by a failure to comply with the provisions of this
part. If the collateral is consumer goods, the debtor has a right to
recover, in any event, an amount not less than the credit service
charge plus ten percent (10%) of the principal amount of the debt or
the time price differential plus ten percent (10%) of the cash price.
(2) The fact that a better price could have been obtained by a sale at
a different time or in a different method from that selected by the
secured party is not of itself sufficient to establish that the sale
was not made in a commercially reasonable manner. If the secured party
either sells the collateral in the usual manner in any recognized
market therefor or if he sells at the price current in such market at
the time of his sale or if he has otherwise sold in conformity with
reasonable commercial practices among dealers in the type of property
sold, he has sold in a commercially reasonable manner. The principles
stated in the two preceding sentences with respect to sales also apply
as may be appropriate to other types of disposition. A disposition
which has been approved in any judicial proceeding or by any bona fide
creditors' committee or representative of creditors shall conclusively
be deemed to be commercially reasonable, but this sentence does not
indicate that any such approval must be obtained in any case nor does
it indicate that any disposition not so approved is not commercially
reasonable.
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