Contents and form of notification before disposition of collateral: general

  1. Law
  2. Mississippi Code
  3. Regulation of Trade, Commerce and Investments
  4. Uniform Commercial Code-Secured Transactions
  5. Default
  6. Default and Enforcement of Security Interest
  7. Contents and form of notification before disposition of collateral: general

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Except in a consumer-goods transaction, the following rules apply:

  1. The contents of a notification of disposition are sufficient if the notification:
  2. Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.
  3. The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:
  4. A particular phrasing of the notification is not required.
  5. The following form of notification and the form appearing in Section 75-9-614(3), when completed, each provides sufficient information:

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Describes the debtor and the secured party;

Describes the collateral that is the subject of the intended disposition;

States the method of intended disposition;

States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

States the time and place of a public disposition or the time after which any other disposition is to be made.

Information not specified by that paragraph; or

Minor errors that are not seriously misleading.

NOTIFICATION OF DISPOSITION OF COLLATERAL To: [Name of debtor, obligor or other person to which the notification is sent] From: [Name, address and telephone number of secured party] Name of Debtor(s): [Include only if debtor(s) are not an addressee] [For a public disposition:] We will sell (or lease or license, as applicable) the [describe collateral] to the highest qualified bidder in public as follows: Day and Date: Time: Place: [For a private disposition:] We will sell (or lease or license, as applicable), the [describe collateral] privately sometime after [day and date]. You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $). You may request an accounting by calling us at [telephone number]. [END OF FORM]


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