§490:9-610  Disposition of collateral after
default.  (a)  After default, a secured party may sell, lease, license, or
otherwise dispose of any or all of the collateral in its present condition or
following any commercially reasonable preparation or processing.



(b)  Every aspect of a disposition of
collateral, including the method, manner, time, place, and other terms, must be
commercially reasonable.  If commercially reasonable, a secured party may
dispose of collateral by public or private proceedings, by one or more
contracts, as a unit or in parcels, and at any time and place and on any terms.



(c)  A secured party may purchase collateral:



(1)  At a public disposition; or



(2)  At a private disposition only if the collateral
is of a kind that is customarily sold on a recognized market or the subject of
widely distributed standard price quotations.



(d)  A contract for sale, lease, license, or
other disposition includes the warranties relating to title, possession, quiet
enjoyment, and the like which by operation of law accompany a voluntary
disposition of property of the kind subject to the contract.



(e)  A secured party may disclaim or modify
warranties under subsection (d):



(1)  In a manner that would be effective to disclaim
or modify the warranties in a voluntary disposition of property of the kind
subject to the contract of disposition; or



(2)  By communicating to the purchaser a record
evidencing the contract for disposition and including an express disclaimer or
modification of the warranties.



(f)  A record is sufficient to disclaim
warranties under subsection (e) if it indicates, "There is no warranty
relating to title, possession, quiet enjoyment, or the like in this
disposition" or uses words of similar import. [L 2000, c 241, pt of §1]