§ 34.1-2-706 — Seller's resale including contract for resale

(a) Under the conditions stated in section 34.1-2-703 on
seller's remedies, the seller may resell the goods concerned or
the undelivered balance thereof. Where the resale is made in
good faith and in a commercially reasonable manner the seller
may recover the difference between the resale price and the
contract price together with any incidental damages allowed
under the provisions of this article (section 34.1-2-710), but
less expenses saved in consequence of the buyer's breach.
(b) Except as otherwise provided in subsection (c) or
unless otherwise agreed resale may be at public or private sale
including sale by way of one (1) or more contracts to sell or of
identification to an existing contract of the seller. Sale may
be as a unit or in parcels and at any time and place and on any
terms but every aspect of the sale including the method, manner,
time, place and terms must be commercially reasonable. The
resale must be reasonably identified as referring to the broken
contract, but it is not necessary that the goods be in existence
or that any or all of them have been identified to the contract
before the breach.
(c) Where the resale is at private sale the seller must
give the buyer reasonable notification of his intention to
resell.
(d) Where the resale is at public sale:
(i) Only identified goods can be sold except where
there is a recognized market for a public sale of futures in
goods of the kind; and
(ii) It must be made at a usual place or market for
public sale if one is reasonably available and except in the
case of goods which are perishable or threaten to decline in
value speedily the seller must give the buyer reasonable notice
of the time and place of the resale; and
(iii) If the goods are not to be within the view of
those attending the sale the notification of sale must state the
place where the goods are located and provide for their
reasonable inspection by prospective bidders; and
(iv) The seller may buy.
(e) A purchaser who buys in good faith at a resale takes
the goods free of any rights of the original buyer even though
the seller fails to comply with one (1) or more of the
requirements of this section.
(f) The seller is not accountable to the buyer for any
profit made on any resale. A person in the position of a seller
(section 34.1-2-707) or a buyer who has rightfully rejected or
justifiably revoked acceptance must account for any excess over
the amount of his security interest, as hereinafter defined
(section 34.1-2-711(c)).