Summary
Under new yorks uniform commercial code (ucc), secured parties must conduct auctions in a commercially reasonable manner. This includes proper marketing, timing, and preparation. Disputing the auctions fairness requires clear documentation of concerns, such as inadequate marketing or preparation. While proving this can be challenging, it is not always necessary to hire a lawyer. You can independently document your case and draft a dispute letter to address the issue with the bank. Courts may reduce or eliminate liability if the auction is proven unfair.Full Conversation
Before and didnt have minimums nor did they market it fror weeks as other auction houses do nor did they set up riggers for a price to load equipment. Did they do a reasonable job?
Under New York’s Uniform Commercial Code (UCC), secured parties must dispose of collateral in a "commercially reasonable" manner. This includes proper marketing, reasonable timing, and appropriate preparation. If you believe the auction wasn’t conducted reasonably, you may have grounds to challenge it. Would you like details on next steps?
Yes. I could still owe the bank 37k and i want to get that down ecen to zero of incan
Under New York’s UCC, if you can prove the auction was not conducted in a "commercially reasonable" manner, you may challenge the deficiency balance ($37k). Courts could reduce or eliminate your liability if the sale was unfair. Have you documented the auction process or contacted the bank to dispute this?
No contact yet. I was waiting for the bank to contact me first.
Thank you for sharing the details. In New York, you can proactively dispute the auction's "commercially reasonable" aspect under the UCC. I suggest documenting all concerns and contacting the bank to express your dispute. Would you like general steps on how to draft such a letter?
My partner who is a lawyer in new mexico tells me i would have to prove it was not commercially reasonable. Is this difficult or do i need to hire a lawyer? I dont want to spend on a lawyer what i wojld pay the bank.
Proving the auction wasn’t “commercially reasonable” under New York's UCC can be challenging, as the burden of proof is on you. Clear documentation, like records showing poor marketing or inadequate preparation, is crucial. Consulting a lawyer may be helpful but not mandatory. Would you like steps for building your case independently?
Challenging means expensive and difficult. Ive already had to deal with a landlord issue and the deck was stacked against me.
I'm sorry to hear about your difficulties. While proving "commercially unreasonable" conduct under New York’s UCC can be challenging, it doesn't always require a lawyer. Would you like tips on documenting your concerns and writing a dispute letter, which could help you address this without significant costs?
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