Section 202. Sale to be advertised; exception

1. Each sale of personal
  property of a value of one hundred dollars or more, or of any  security,
  to  satisfy  a  lien  thereon  shall be at public auction to the highest
  bidder, and shall be held in  the  city  or  town  where  the  lien  was
  acquired.  After  the  time  for  the  payment of the amount of the lien
  specified in the notice required to be served by section two hundred one
  or two hundred one-a of this article,  notice  of  such  sale  shall  be
  published  once  a  week,  for  two  consecutive  weeks,  in a newspaper
  published in the town or city where such sale is to be  held,  and  such
  sale   shall  be  held  not  less  than  fifteen  days  from  the  first
  publication; if there be no  newspaper  published  in  such  town,  such
  notice  shall  be  posted at least ten days before such sale in not less
  than six conspicuous places therein.  Such  notice  shall  describe  the
  property  to  be  sold  and shall state the name of the person for whose
  account the same is then held and the  time  and  place  of  such  sale,
  provided, that if the property to be sold is a security, the description
  in such notice shall consist of a statement of the name of the issuer or
  obligor,  the  state  of  incorporation or organization of the issuer or
  obligor, the amount and class of the security and  the  address  of  the
  issuer  or  obligor  last  known  to the lienor. For the purpose of this
  article, the term "security" shall include common and  preferred  stocks
  and  bonds,  debentures,  notes  and  other  obligations,  corporate  or
  otherwise, for the payment of money.
    2. Each sale of personal property of a value of less than one  hundred
  dollars, other than a security, to satisfy a lien thereon, shall be made
  pursuant  to the provisions of subdivision one hereof, or at a bona fide
  private sale in the city or town where the lien  was  acquired.  A  bona
  fide  private  sale pursuant to this section shall not be made until the
  expiration of six months after the time for the payment of the amount of
  the lien specified in the notice required to be served  by  section  two
  hundred  one  or  two  hundred one-a of this article. Notice of the bona
  fide private sale shall be posted at least twenty days before such  sale
  in  a  conspicuous place on the premises where the personal property was
  left or delivered by the owner. Such notice shall either (a) contain the
  name and address of the owner and a brief description of  the  property,
  or (b) provide that all property left on or before a specified date will
  be subject to sale, and shall also specify the time and place of sale.
    3. Notwithstanding subdivisions one and two of this section, sale of a
  motor  vehicle  having  a wholesale value, taking into consideration the
  condition of the vehicle, of less than five hundred dollars to satisfy a
  lien for towing and storage under section  one  hundred  eighty-four  of
  this chapter, may be made directly to a registered vehicle dismantler or
  licensed  scrap  processor,  both  as  defined  in  section four hundred
  fifteen-a of the vehicle and traffic law,  on  the  condition  that  the
  motor  vehicle  shall  never  be  titled again and must be dismantled or
  scrapped. Such sale shall not occur prior to thirty days after notice is
  mailed pursuant to section two hundred one of this article or sixty days
  after the date of the initial tow, whichever is later.