§ 29-7-105 — Repossession; enforcement of lien by sale; notice thereof to known claimants; satisfaction by any claimant; title of good faith purchaser; disposition of proceeds; additional creditors' rights; liability for noncompliance with section; "commercially reasonable"

Wyoming § 29-7-105

• Jurisdiction: Wyoming
• Title 29: Liens
• Ch. 7: PERSONAL PROPERTY
• Art. 1: IN GENERAL

Text

(a) Subject to the termination of a lien as provided in
W.S. 29-7-104, a lienor who has surrendered possession
involuntarily has the right to repossess the property subject to
the lien. In repossessing a lienor may proceed without judicial
process if this can be done without breach of the peace. A
lienor may also replevy the property or use any other judicial
action available.
(b) A lien arising under W.S. 29-7-101 through 29-7-106
may be enforced by public or private sale of the property en
bloc or in parcels at a time or place and on terms which are
commercially reasonable after mailing by certified mail, return
receipt requested, to their last known address a notice to all
persons known to claim an interest in the property. The
notification shall include:
(i) A statement of the amount due;
(ii) The nature of the proposed sale; and
(iii) The time and place of any public sale.
(c) Before any sale pursuant to this section any person
claiming a right in the property may pay the amount necessary to
satisfy the lien and the reasonable expenses incurred under this
section.
(d) The lien claimant may buy at any public sale pursuant
to this section.
(e) A purchaser in good faith of property sold to enforce
a lien under W.S. 29-7-101 through 29-7-106 takes the property
free of any rights of persons against whom the lien was valid,
despite noncompliance by the lien claimant with the requirements
of this section.
(f) A lien claimant may satisfy his lien from the proceeds
of any sale pursuant to this section but shall hold the balance,
if any, for delivery on demand to the owner of the property or
any person entitled thereto. The owner or any other person
demanding delivery of the balance shall furnish to the lien
claimant reasonable evidence of his right to take delivery.
(g) The rights provided by W.S. 29-7-101 through 29-7-106
shall be in addition to all other rights allowed by law to a
creditor against his debtor.
(h) A lien under W.S. 29-7-101 through 29-7-106 may also
be enforced in accordance with the procedure set forth in W.S.
34.1-7-210(b).
(j) A lien claimant is liable for damages caused by
failure to comply with this section.
(k) The fact a better price could be obtained by a sale at
a different time or in a different method from that selected by
the lien claimant is not sufficient to establish a sale as not
made in a commercially reasonable manner.