Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 104.9627 - Determination of whether conduct was commercially reasonable1. The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition or acceptance was made in a commercially reasonable manner.2. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:(a) In the usual manner on any recognized market;(b) At the price current in any recognized market at the time of the disposition; or(c) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.3. A collection, enforcement, disposition or acceptance is commercially reasonable if it has been approved: (a) In a judicial proceeding;(b) By a genuine creditors' committee;(c) By a representative of creditors; or(d) By an assignee for the benefit of creditors.4. Approval under subsection 3 need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition or acceptance is not commercially reasonable.Added to NRS by 1999, 361Added to NRS by 1999, 361