MARVIN MANDEL, Governor                              301

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 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.

TITLE 10. EFFECTIVE DATE AND REPEALER.

10—101. Effective date.

[This] TITLES 1 THROUGH 10 OF THIS article shall
become effective at 12:01 A. M. on February 1, 1964.
It applies to transactions entered into and events
occurring after that time on that date.

10-102. [Specific repealer; provision] PROVISION for
transition.

[(1) The following laws are hereby repealed to the
extent specified:

Art. 83, §§ 19 through 96, Uniform Sales Act.

Art. 13, §§ 3 through 8 and 15 through 211, Uniform
Negotiable Instruments Act.

Art. 11, §§ 118 through 134, Bank Collection Code.

Art. 83, §§ 97 through 101, Bulk Sales Act.

Art. 1ft, §§ 1 through 43 and 51 through 55, Uniform
Bills of Lading Act.

Art. 14A, §§ 1 through 49 and 56 through 60, Uniform
Warehouse Receipts Act.