N.Y. U.C.C. 9-627

Section 9--627. Determination of Whether Conduct Was Commercially\n Reasonable.\n (a) Greater amount obtainable under other circumstances; no preclusion\nof commercial reasonableness. The fact that a greater amount could have\nbeen obtained by a collection, enforcement, disposition, or acceptance\nat a different time or in a different method from that selected by the\nsecured party is not of itself sufficient to preclude the secured party\nfrom establishing that the collection, enforcement, disposition, or\nacceptance was made in a commercially reasonable manner.\n (b) Dispositions that are commercially reasonable. A disposition of\ncollateral is made in a commercially reasonable manner if the\ndisposition is made:\n (1) in the usual manner on any recognized market;\n (2) at the price current in any recognized market at the time of\n the disposition; or\n (3) otherwise in conformity with reasonable commercial practices\n among dealers in the type of property that was the subject of\n the disposition.\n (c) Approval by court or on behalf of creditors. A collection,\nenforcement, disposition, or acceptance is commercially reasonable if it\nhas been approved:\n (1) in a judicial proceeding;\n (2) by a bona fide creditors' committee;\n (3) by a representative of creditors; or\n (4) by an assignee for the benefit of creditors.\n (d) Approval under subsection (c) not necessary; absence of approval\nhas no effect. Approval under subsection (c) need not be obtained, and\nlack of approval does not mean that the collection, enforcement,\ndisposition, or acceptance is not commercially reasonable.\n