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This entry was published on 2014-09-22
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SECTION 48
Sale of unclaimed pledge by collateral loan broker
General Business (GBS) CHAPTER 20, ARTICLE 5
§ 48. Sale of unclaimed pledge by collateral loan broker. 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.