§ 7-201. Sale of certain licensed taxicabs. Notwithstanding any other\nlaw a bank, trust company, national bank, licensed lender or credit\nunion which has made a loan to the owner of a licensed taxicab, and has\ntaken as collateral a security agreement wherein the debtor pledges the\nlicensed taxicab as security for the repayment of the loan as prescribed\nby the uniform commercial code, and in turn the secured party has filed\na financing statement in the proper filing offices, and default has\noccurred in payment of the debt by the debtor, the secured party, if\npossession has been had of the licensed taxicab must dispose of said\nlicensed taxicab for use and operation as a licensed taxicab pursuant to\nlaw. When the secured party takes possession of such licensed taxicab it\nshall im
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§ 7-201. Sale of certain licensed taxicabs. Notwithstanding any other\nlaw a bank, trust company, national bank, licensed lender or credit\nunion which has made a loan to the owner of a licensed taxicab, and has\ntaken as collateral a security agreement wherein the debtor pledges the\nlicensed taxicab as security for the repayment of the loan as prescribed\nby the uniform commercial code, and in turn the secured party has filed\na financing statement in the proper filing offices, and default has\noccurred in payment of the debt by the debtor, the secured party, if\npossession has been had of the licensed taxicab must dispose of said\nlicensed taxicab for use and operation as a licensed taxicab pursuant to\nlaw. When the secured party takes possession of such licensed taxicab it\nshall immediately notify the licensing agency.\n The purchaser of such licensed taxicab at sale hereunder, or his\nvendee shall have the same rights in respect of the use and operation\nthereof as a licensed taxicab as he would be entitled to under the law\npursuant to which such taxicab was licensed if he were the purchaser\nthereof at a voluntary sale. Said sale shall be conditioned upon the\napproval by the licensing or supervisory agency of the purchaser as an\nowner of such taxicab. In making such determination, the licensing or\nsupervisory agency shall use the same procedure and standards as if the\npurchaser thereof was a purchaser at a voluntary sale and such approval\nshall not be arbitrarily withheld by the licensing or supervisory\nagency. In the event such approval is not granted by the licensing or\nsupervisory agency, said sale shall be declared a nullity, all monies\npaid hereunder, shall be returned to the purchaser at said sale. Such\nsale shall continue until a purchaser acceptable to the licensing or\nsupervisory agency is obtained or the vehicle is otherwise disposed of\naccording to law.\n As used herein the term licensed taxicab shall mean a vehicle carrying\npassengers for hire and licensed by any county, city, town, village or\nany other such licensing agency, to operate as a taxicab within any such\njurisdiction.\n