§ 34.1-9-626 — Action in which deficiency or surplus is in issue

(a) In an action arising from a transaction, other than a
consumer transaction, in which the amount of a deficiency or
surplus is in issue, the following rules apply:
(i) A secured party need not prove compliance with
the provisions of this part relating to collection, enforcement,
disposition or acceptance unless the debtor or a secondary
obligor places the secured party's compliance in issue;
(ii) If the secured party's compliance is placed in
issue, the secured party has the burden of establishing that the
collection, enforcement, disposition or acceptance was conducted
in accordance with this part;
(iii) Except as otherwise provided in section
34.1-9-628, if a secured party fails to prove that the
collection, enforcement, disposition or acceptance was conducted
in accordance with the provisions of this part relating to
collection, enforcement, disposition or acceptance, the
liability of a debtor or a secondary obligor for a deficiency is
limited to an amount by which the sum of the secured obligation,
expenses and attorney's fees exceeds the greater of:
(A) The proceeds of the collection, enforcement,
disposition or acceptance; or
(B) The amount of proceeds that would have been
realized had the noncomplying secured party proceeded in
accordance with the provisions of this part relating to
collection, enforcement, disposition or acceptance.
(iv) For purposes of subparagraph (a)(iii)(B), the
amount of proceeds that would have been realized is equal to the
sum of the secured obligation, expenses and attorney's fees
unless the secured party proves that the amount is less than
that sum;
(v) If a deficiency or surplus is calculated under
section 34.1-9-615(f), the debtor or obligor has the burden of
establishing that the amount of proceeds of the disposition is
significantly below the range of prices that a complying
disposition to a person other than the secured party, a person
related to the secured party or a secondary obligor would have
brought.
(b) The limitation of the rules in subsection (a) to
transactions other than consumer transactions is intended to
leave to the court the determination of the proper rules in
consumer transactions. The court may not infer from that
limitation the nature of the proper rule in consumer
transactions and may continue to apply established approaches.