N.Y. General Business Law § 48: Sale of unclaimed pledge by collateral loan broker

§ 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.