New Jersey § 12a:9-626

§ 12a:9-626.

(a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction in which the amount of a deficiency or surplus

is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this part relating

to collection, enforcement, disposition, or acceptance unless the debtor or a secondary

obligor places the secured party's compliance in issue. (2) If the secured party's compliance is placed in issue, the secured party has the

burden of establishing that the collection, enforcement, disposition, or acceptance

was conducted in accordance with this part. (3) Except as otherwise provided in 12A:9-628, if a secured party fails to prove that

the collection, enforcement, disposition, or acceptance was conducted in accordance

with the provisions of this part relating to collection, enforcement, disposition,

or acceptance, the liability of a debtor or a secondary obligor for a deficiency is

limited to an amount by which the sum of the secured obligation, expenses, and attorney's

fees exceeds the greater of: (A) the proceeds of the collection, enforcement, disposition, or acceptance; or (B) the amount of proceeds that would have been realized had the noncomplying secured

party proceeded in accordance with the provisions of this part relating to collection,

enforcement, disposition, or acceptance. (4) For purposes of paragraph (3) (B) , the amount of proceeds that would have been realized is equal to the sum of the

secured obligation, expenses, and attorney's fees unless the secured party proves

that the amount is less than that sum. (5) If a deficiency or surplus is calculated under 12A:9-615 (f) , the debtor or obligor has the burden of establishing that the amount of proceeds

of the disposition is significantly below the range of prices that a complying disposition

to a person other than the secured party, a person related to the secured party, or

a secondary obligor would have brought.