N.Y. PEP Law § 422

§ 422. Claim for deficiency after default and repossession. If a buyer\ndefaults on any instalment of the time sale price under a retail\ninstalment contract, and the holder obtains possession of the goods\nwhich are the subject matter of such contract and disposes of such goods\nas provided by section 9--610 of the uniform commercial code, the buyer\nshall be liable to the holder for any deficiency to the extent provided\nin that section; provided, however, that in calculating such deficiency\nthere shall be deducted from the amount thereof as prescribed by such\nsection 9--610, an amount equal to that portion of the refund credit to\nwhich the buyer would have been entitled under section four hundred\neight of this chapter if, at the time the holder disposed of such goods,\nthe buyer had not been in default and had prepaid in full the balance of\nthe time sale price as the amount realized upon the disposition of the\ngoods bears to the balance of the time sale price.\n