§ 202 — Sale to be advertised; exception

New York § 202

• Jurisdiction: New York
• Law LIE: Lien
• Art. 9: Enforcement of Liens On Personal Property

Text

§ 202. Sale to be advertised; exception. 1. Each sale of personal\nproperty of a value of one hundred dollars or more, or of any security,\nto satisfy a lien thereon shall be at public auction to the highest\nbidder, and shall be held in the city or town where the lien was\nacquired. After the time for the payment of the amount of the lien\nspecified in the notice required to be served by section two hundred one\nor two hundred one-a of this article, notice of such sale shall be\npublished once a week, for two consecutive weeks, in a newspaper\npublished in the town or city where such sale is to be held, and such\nsale shall be held not less than fifteen days from the first\npublication; if there be no newspaper published in such town, such\nnotice shall be posted at least ten days before such sale in not less\nthan six conspicuous places therein. Such notice shall describe the\nproperty to be sold and shall state the name of the person for whose\naccount the same is then held and the time and place of such sale,\nprovided, that if the property to be sold is a security, the description\nin such notice shall consist of a statement of the name of the issuer or\nobligor, the state of incorporation or organization of the issuer or\nobligor, the amount and class of the security and the address of the\nissuer or obligor last known to the lienor. For the purpose of this\narticle, the term "security" shall include common and preferred stocks\nand bonds, debentures, notes and other obligations, corporate or\notherwise, for the payment of money.\n 2. Each sale of personal property of a value of less than one hundred\ndollars, other than a security, to satisfy a lien thereon, shall be made\npursuant to the provisions of subdivision one hereof, or at a bona fide\nprivate sale in the city or town where the lien was acquired. A bona\nfide private sale pursuant to this section shall not be made until the\nexpiration of six months after the time for the payment of the amount of\nthe lien specified in the notice required to be served by section two\nhundred one or two hundred one-a of this article. Notice of the bona\nfide private sale shall be posted at least twenty days before such sale\nin a conspicuous place on the premises where the personal property was\nleft or delivered by the owner. Such notice shall either (a) contain the\nname and address of the owner and a brief description of the property,\nor (b) provide that all property left on or before a specified date will\nbe subject to sale, and shall also specify the time and place of sale.\n 3. Notwithstanding subdivisions one and two of this section, sale of a\nmotor vehicle having a wholesale value, taking into consideration the\ncondition of the vehicle, of less than five hundred dollars to satisfy a\nlien for towing and storage under section one hundred eighty-four of\nthis chapter, may be made directly to a registered vehicle dismantler or\nlicensed scrap processor, both as defined in section four hundred\nfifteen-a of the vehicle and traffic law, on the condition that the\nmotor vehicle shall never be titled again and must be dismantled or\nscrapped. Such sale shall not occur prior to thirty days after notice is\nmailed pursuant to section two hundred one of this article or sixty days\nafter the date of the initial tow, whichever is later.\n