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Can you summarize NHRS 382-A:9-627?
UNIFORM COMMERCIAL CODE > Determination of Whether Conduct Was Commercially Reasonable.
Short Summary
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the determination of whether conduct related to the collection, enforcement, disposition, or acceptance of collateral was commercially reasonable. It states that the fact that a greater amount could have been obtained by a different method or at a different time does not automatically preclude the secured party from establishing that the conduct was commercially reasonable. The provision also outlines the criteria for a disposition of collateral to be considered commercially reasonable, such as being made in the usual manner on a recognized market or at the current market price. Additionally, it mentions that approval by a court, creditors’ committee, representative of creditors, or assignee for the benefit of creditors can establish commercial reasonableness, but such approval is not necessary and the absence of approval does not affect the commercial reasonableness of the conduct.
Whom does it apply to?
Secured parties and creditors involved in collection, enforcement, disposition, or acceptance of collateral
What does it govern?
Determining whether conduct was commercially reasonable
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
New Hampshire