N.Y. Personal Property Law § 422: Claim for deficiency after default and repossession

§ 422. Claim for deficiency after default and repossession. If a buyer

defaults on any instalment of the time sale price under a retail

instalment contract, and the holder obtains possession of the goods

which are the subject matter of such contract and disposes of such goods

as provided by section 9--610 of the uniform commercial code, the buyer

shall be liable to the holder for any deficiency to the extent provided

in that section; provided, however, that in calculating such deficiency

there shall be deducted from the amount thereof as prescribed by such

section 9--610, an amount equal to that portion of the refund credit to

which the buyer would have been entitled under section four hundred

eight of this chapter if, at the time the holder disposed of such goods,

the buyer had not been in default and had prepaid in full the balance of

the time sale price as the amount realized upon the disposition of the

goods bears to the balance of the time sale price.