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Session Laws, 1999
Volume 796, Page 2138   View pdf image
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(1) A SECURED PARTY NEED NOT PROVE COMPLIANCE WITH THE
PROVISIONS OF THIS SUBTITLE RELATING TO COLLECTION, ENFORCEMENT,
DISPOSITION, OR ACCEPTANCE UNLESS THE DEBTOR OR A SECONDARY OBLIGOR
PLACES THE SECURED PARTY'S COMPLIANCE IN ISSUE.

(2) IF THE SECURED PARTY'S COMPLIANCE IS PLACED IN ISSUE, THE
SECURED PARTY HAS THE BURDEN OF ESTABLISHING THAT THE COLLECTION,
ENFORCEMENT, DISPOSITION, OR ACCEPTANCE WAS CONDUCTED IN ACCORDANCE
WITH THIS SUBTITLE.

(3) EXCEPT AS OTHERWISE PROVIDED IN § 9-628, IF A SECURED PARTY
FAILS TO PROVE THAT THE - COLLECTION, ENFORCEMENT, DISPOSITION, OR
ACCEPTANCE WAS CONDUCTED IN ACCORDANCE WITH THE PROVISIONS OF THIS
SUBTITLE RELATING TO COLLECTION, ENFORCEMENT, DISPOSITION, OR
ACCEPTANCE, THE LIABILITY OF A DEBTOR OR A SECONDARY OBLIGOR FOR A
DEFICIENCY IS LIMITED TO AN AMOUNT BY WHICH THE SUM OF THE SECURED
OBLIGATION, EXPENSES, AND ATTORNEYS FEES EXCEEDS THE GREATER OF:

(A) THE PROCEEDS OF THE COLLECTION, ENFORCEMENT,
DISPOSITION, OR ACCEPTANCE; OR

(B) THE AMOUNT OF PROCEEDS THAT WOULD HAVE BEEN
REALIZED HAD THE NONCOMPLYING SECURED PARTY PROCEEDED IN ACCORDANCE
WITH THE PROVISIONS OF THIS SUBTITLE RELATING TO COLLECTION,
ENFORCEMENT, DISPOSITION, OR ACCEPTANCE.

(4) FOR PURPOSES OF PARAGRAPH (3KB), THE AMOUNT OF PROCEEDS
THAT WOULD HAVE BEEN REALIZED IS EQUAL TO THE SUM OF THE SECURED
OBLIGATION, EXPENSES, AND ATTORNEYS FEES UNLESS THE SECURED PARTY
PROVES THAT THE AMOUNT IS LESS THAN THAT SUM.

(5) IF A DEFICIENCY OR SURPLUS IS CALCULATED UNDER § 9-615(F),
THE DEBTOR OR OBLIGOR HAS THE BURDEN OF ESTABLISHING THAT THE AMOUNT
OF PROCEEDS OF THE DISPOSITION IS SIGNIFICANTLY BELOW THE RANGE OF
PRICES THAT A COMPLYING DISPOSITION TO A PERSON OTHER THAN THE SECURED
PARTY, A PERSON RELATED TO THE SECURED PARTY, OR A SECONDARY OBLIGOR
WOULD HAVE BROUGHT.

9-627. DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY
REASONABLE.

(A) THE FACT THAT A GREATER AMOUNT COULD HAVE BEEN OBTAINED BY A
COLLECTION, ENFORCEMENT, DISPOSITION, OR ACCEPTANCE AT A DIFFERENT TIME
OR IN A DIFFERENT METHOD FROM THAT SELECTED BY THE SECURED PARTY IS NOT
OF ITSELF SUFFICIENT TO PRECLUDE THE SECURED PARTY FROM ESTABLISHING
THAT THE COLLECTION, ENFORCEMENT, DISPOSITION, OR ACCEPTANCE WAS MADE
IN A COMMERCIALLY REASONABLE MANNER.

(B) A DISPOSITION OF COLLATERAL IS MADE IN A COMMERCIALLY
REASONABLE MANNER IF THE DISPOSITION IS MADE:

(1) IN THE USUAL MANNER ON ANY RECOGNIZED MARKET;

 

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Session Laws, 1999
Volume 796, Page 2138   View pdf image
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