Section 503.040 - Sales of Certain Used Motor Vehicles Constitute Private Disposition(a) This section applies only to the sale of a used motor vehicle that constitutes collateral by a secured party acting under Chapter 9, Business & Commerce Code, and occurs at an auction conducted by an independent motor vehicle dealer: (1) at which neither the debtor nor the secured party is permitted to bid; and(2) for which there has been no advertisement or public notice before the sale that specifically describes the collateral to be sold, other than the inclusion of the motor vehicle in a list of the vehicles to be offered at the auction made available to potential bidders at the auction.(b) The sale of the used motor vehicle constitutes a private disposition for purposes of Chapter 9, Business & Commerce Code.Tex. Transp. Code § 503.040
Added by Acts 2009, 81st Leg., R.S., Ch. 836 (S.B. 1827), Sec. 1, eff. September 1, 2009.