[Previous]

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.
   
[Previous]