§ 202. Sale to be advertised; exception. 1. Each sale of personal
property of a value of one hundred dollars or more, or of any security,
to satisfy a lien thereon shall be at public auction to the highest
bidder, and shall be held in the city or town where the lien was
acquired. After the time for the payment of the amount of the lien
specified in the notice required to be served by section two hundred one
or two hundred one-a of this article, notice of such sale shall be
published once a week, for two consecutive weeks, in a newspaper
published in the town or city where such sale is to be held, and such
sale shall be held not less than fifteen days from the first
publication; if there be no newspaper published in such town, such
notice shall be posted at least ten days before such sale in not less
than six conspicuous places therein. Such notice shall describe the
property to be sold and shall state the name of the person for whose
account the same is then held and the time and place of such sale,
provided, that if the property to be sold is a security, the description
in such notice shall consist of a statement of the name of the issuer or
obligor, the state of incorporation or organization of the issuer or
obligor, the amount and class of the security and the address of the
issuer or obligor last known to the lienor. For the purpose of this
article, the term "security" shall include common and preferred stocks
and bonds, debentures, notes and other obligations, corporate or
otherwise, for the payment of money.

2. Each sale of personal property of a value of less than one hundred
dollars, other than a security, to satisfy a lien thereon, shall be made
pursuant to the provisions of subdivision one hereof, or at a bona fide
private sale in the city or town where the lien was acquired. A bona
fide private sale pursuant to this section shall not be made until the
expiration of six months after the time for the payment of the amount of
the lien specified in the notice required to be served by section two
hundred one or two hundred one-a of this article. Notice of the bona
fide private sale shall be posted at least twenty days before such sale
in a conspicuous place on the premises where the personal property was
left or delivered by the owner. Such notice shall either (a) contain the
name and address of the owner and a brief description of the property,
or (b) provide that all property left on or before a specified date will
be subject to sale, and shall also specify the time and place of sale.

3. Notwithstanding subdivisions one and two of this section, sale of a
motor vehicle having a wholesale value, taking into consideration the
condition of the vehicle, of less than five hundred dollars to satisfy a
lien for towing and storage under section one hundred eighty-four of
this chapter, may be made directly to a registered vehicle dismantler or
licensed scrap processor, both as defined in section four hundred
fifteen-a of the vehicle and traffic law, on the condition that the
motor vehicle shall never be titled again and must be dismantled or
scrapped. Such sale shall not occur prior to thirty days after notice is
mailed pursuant to section two hundred one of this article or sixty days
after the date of the initial tow, whichever is later.