§ 26-1-9.1-627 — Determination of whether conduct was commercially reasonable

Indiana § 26-1-9.1-627

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(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;
(2) at the price current in any recognized market at the time of the
disposition; or
(3) otherwise in conformity with reasonable commercial practices
among dealers in the type of property that was the subject of the
disposition.
(c) A collection, enforcement, disposition, or acceptance is
commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under subsection (c) need not be obtained, and lack of
approval does not mean that the collection, enforcement, disposition,
or acceptance is not commercially reasonable.

Legislative History

As added by P.L.57-2000, SEC.45.