J. MILLARD TAWES, Governor                        947

consumer goods to any other secured party who has a security inte-
rest in the collateral and who has duly filed a financing statement
indexed in the name of the debtor in this state or is known by the
secured party in possession to have a security interest in it. If the
debtor or other person entitled to receive notification objects in
writing within thirty days from the receipt of the notification or if
any other secured party objects in writing within thirty days after
the secured party obtains possession the secured party must dispose
of the collateral under Section 9—504. In the absence of such writ-
ten objection the secured party may retain the collateral in satis-
faction of the debtor's obligation.

9—506. Debtor's Right to Redeem Collateral.—

At any time before the secured party has disposed of collateral or
entered into a contract for its disposition under Section 9—504 or
before the obligation has been discharged under Section 9—505 (2)
the debtor or any other secured party may unless otherwise agreed
in writing after default redeem the collateral by tendering fulfill-
ment of all obligations secured by the collateral as well as the expenses
reasonably incurred by the secured party in retaking, holding and
preparing the collateral for disposition, in arranging for the sale,
and to the extent provided in the agreement and not prohibited by
law, his reasonable attorneys' fees and legal expenses.

9—507. Secured Party's Liability for Failure to Comply With This
Part.—

(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 notifi-
cation 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 10 per cent of the principal amount of the debt
or the time price differential plus ten per cent 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 con-
formity with reasonable commercial practices among dealers in the
type of property sold he has sold in a commercially reasonable man-
ner. The principles stated in the two preceding sentences with re-
spect 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 reason-
able, 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.