Federal Deposit Insurance Corporation v. Herald Square Fabrics Corp. Et Al‪.‬

Three primary issues are raised on this appeal. The first concerns the formal requisites for the enforceability of a contract for the sale of chattel paper. The second involves the authority of a court, on a motion for summary judgment, to interpret a printed contract when there appears on its face a blank space. The third requires the statutory construction of the term "commercial reasonableness", in the context of section 9-504 of the Uniform Commercial Code, and specifically poses the following question: when there has been a postdefault disposition of collateral by a secured creditor, to what extent or degree will a discrepancy between the collaterals original sale price and its disposal price be sufficient to raise an issue of fact for trial, and thus defeat a motion for summary judgment?