(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 bona fide 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.

Official Comment

1. Source. Former Section 9-507(2).

2. Relationship of Price to Commercial Reasonableness. Some observers have found the notion contained in subsection (a) [Maine cite subsection (1)] (derived from former Section 9- 507(2)) (the fact that a better price could have been obtained does not establish lack of commercial reasonableness) to be inconsistent with that found in Section 9-610(b) [Maine cite section 9-1610, subsection (2)] (derived from former Section 9- 504(3) (every aspect of the disposition, including its terms, must be commercially reasonable). There is no such inconsistency. While not itself sufficient to establish a violation of this Part, a low price suggests that a court should scrutinize carefully all aspects of a disposition to ensure that each aspect was commercially reasonable.

The law long has grappled with the problem of dispositions of personal and real property which comply with applicable procedural requirements (e.g., advertising, notification to interested persons, etc.) but which yield a price that seems low. This Article addresses that issue in Section 9-615(f) [Maine cite section 9-1615, subsection (6)]. That section applies only when the transferee is the secured party, a person