Contents and form of notification before disposition of collateral: general.

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CONTENTS AND FORM OF NOTIFICATION

BEFORE DISPOSITION OF COLLATERAL: GENERAL

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

(1) The contents of a notification of disposition are sufficient if the notification:

  • (A)describes the debtor and the secured party;
  • (B)describes the collateral that is the subject of the intended disposition;
  • (C)states the method of intended disposition;
  • (D)states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
  • (E)states the time and place of a public disposition or the time after which any other disposition is to be made.

(2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) of this section are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in paragraph (1) of this section are sufficient, even if the notification includes:

  • (A)information not specified by that paragraph; or
  • (B)minor errors that are not seriously misleading.

(4) A particular phrasing of the notification is not required.

(5) The following form of notification and the form appearing in paragraph (3) of Section 1-9-614 of this title, when completed, each provides sufficient information:

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]

Added by Laws 2000, c. 371, § 120, eff. July 1, 2001.


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