1. The Laws of New York
  2. Consolidated Laws
  3. General Business
  4. Article 5: Collateral Loan Brokers

Section 48 Sale of unclaimed pledge by collateral loan broker

General Business (GBS)

1. No pawn or pledge made with a collateral loan broker shall be sold until the same shall have remained four months in his possession.

  2. All sales of defaulted pledges shall be public or private with each such pledge being individually offered for sale.

  (a) If at public sale, then it shall be by public auction, and shall be conducted by licensed auctioneers within the state of New York. All bids for the purchase of any defaulted pledge offered at such sale shall be oral, and expressed in dollars and cents without the use of any special signs, signals or motions, if less than eleven people attend such sale.

  (b) A private sale may be at any time and place and on any terms but every aspect of the disposition including the method, manner, time, place and terms must be commercially reasonable and conducted in conformity with applicable uniform commercial code provisions regarding the disposal of collateral after default.

  (c) In addition to any other provision contained in this article and article twenty-two-A of this chapter, section three hundred forty-nine of this chapter shall apply to a violation of the private and public sale provisions of this article.