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     New laws that lawyers and bankers need to be aware of when disposing of collateral after default and repossession include the following:

     * Revised Article 9 preserves the "commercially reasonable" standard imposed on secured creditors who are disposing of collateral after default. "Every aspect of a disposition of collateral, including the method, manner, time, place and terms, must be commercially reasonable." N.D.C.C.§ 41-09-107(2).

     *WARNING: Under Revised Article 9, N.D.C.C. § 41-09-107(4), future disposition sales will include "warranties relating to title, possession, quiet enjoyment, and the like." The main thing to remember is that these sales warranties will now pertain to liquidation sales, which is something that may not have occurred to most of us. However, a secured creditor wishing to disclaim these warranties may do so in a written format. § 41-09-107(5). The statute provides sample wording that will effectively exclude the warranties in a disposition under this section, which is as follows: "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition." The law is silent as to where exactly this language belongs, but we suggest that this disclaimer be put conspicuously on the auction sale bill and on each individual bill of sale.