The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-9627 - Determination of whether conduct was commercially reasonable
47-9627. Determination of whether conduct was commercially reasonable
A. 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.
B. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
1. In the usual manner on any recognized market;
2. At the price current in any recognized market at the time of the disposition; or
3. Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
C. A collection, enforcement, disposition or acceptance is commercially reasonable if it has been approved:
1. In a judicial proceeding;
2. By a bona fide creditors' committee;
3. By a representative of creditors; or
4. By an assignee for the benefit of creditors.
D. Approval under subsection C need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition or acceptance is not commercially reasonable.