§ 48 — Sale of unclaimed pledge by collateral loan broker

§ 48. Sale of unclaimed pledge by collateral loan broker. 1. No pawn\nor pledge made with a collateral loan broker shall be sold until the\nsame shall have remained four months in his possession.\n 2. All sales of defaulted pledges shall be public or private with each\nsuch pledge being individually offered for sale.\n (a) If at public sale, then it shall be by public auction, and shall\nbe conducted by licensed auctioneers within the state of New York. All\nbids for the purchase of any defaulted pledge offered at such sale shall\nbe oral, and expressed in dollars and cents without the use of any\nspecial signs, signals or motions, if less than eleven people attend\nsuch sale.\n (b) A private sale may be at any time and place and on any terms but\nevery aspect of the disposition including the method, manner, time,\nplace and terms must be commercially reasonable and conducted in\nconformity with applicable uniform commercial code provisions regarding\nthe disposal of collateral after default.\n (c) In addition to any other provision contained in this article and\narticle twenty-two-A of this chapter, section three hundred forty-nine\nof this chapter shall apply to a violation of the private and public\nsale provisions of this article.\n