New Jersey § 12a:2-706

§ 12a:2-706.

(1) Under the conditions stated in 12A:2-703 on seller's remedies, the seller may

resell the goods concerned or the undelivered balance thereof. Where the resale is made in good faith and in a commercially reasonable manner the

seller may recover the difference between the resale price and the contract price

together with any incidental damages allowed under the provisions of this Chapter

(12A:2-710), but less expenses saved in consequence of the buyer's breach. (2) Except as otherwise provided in subsection (3) or unless otherwise agreed resale

may be at public or private sale including sale by way of one or more contracts to

sell or of identification to an existing contract of the seller. Sale may be as a unit or in parcels and at any time and place and on any terms but

every aspect of the sale including the method, manner, time, place and terms must

be commercially reasonable. The resale must be reasonably identified as referring to the broken contract, but

it is not necessary that the goods be in existence or that any or all of them have

been identified to the contract before the breach. (3) Where the resale is at private sale the seller must give the buyer reasonable

notification of his intention to resell. (4) Where the resale is at public sale (a) only identified goods can be sold except where there is a recognized market for

a public sale of futures in goods of the kind; and (b) it must be made at a usual place or market for public sale if one is reasonably

available and except in the case of goods which are perishable or threaten to decline

in value speedily the seller must give the buyer reasonable notice of the time and

place of the resale; and (c) if the goods are not to be within the view of those attending the sale the notification

of sale must state the place where the goods are located and provide for their reasonable

inspection by prospective bidders; and (d) the seller may buy. (5) A purchaser who buys in good faith at a resale takes the goods free of any rights

of the original buyer even though the seller fails to comply with one or more of the

requirements of this section. (6) The seller is not accountable to the buyer for any profit made on any resale. A person in the position of a seller (12A:2-707) or a buyer who has rightfully rejected

or justifiably revoked acceptance must account for any excess over the amount of his

security interest, as hereinafter defined (subsection (3) of 12A:2-711).