Contents and Form of Notification Before Disposition of Collateral — General

1. Law
2. Tennessee Code
3. Commercial Instruments and Transactions
4. Secured Transactions
5. Default
6. 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:
   1. describes the debtor and the secured party;
   2. describes the collateral that is the subject of the intended disposition;
   3. states the method of intended disposition;
   4. states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
   5. 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) 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:
   1. information not specified by that paragraph; or
   2. 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 § 47-9-614(3), 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]

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