11 §9-1613. Contents and form of notification before disposition of collateral: general
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 6: DEFAULT HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1613. Contents and form of notification before disposition of collateral: general
Except in a consumer-goods transaction, the following rules apply. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(1). The contents of a notification of disposition are sufficient if the notification:
(a). Describes the debtor and the secured party; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Describes the collateral that is the subject of the intended disposition; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(c). States the method of intended disposition; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(d). States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(e). States the time and place of a public disposition or the time after which any other disposition is to be made. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(2). Whether the contents of a notification that lacks any of the information specified in subsection (1) are nevertheless sufficient is a question of fact.
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(3). The contents of a notification providing substantially the information specified in subsection (1) are sufficient, even if the notification includes:
(a). Information not specified by that subsection; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Minor errors that are not seriously misleading. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(4). A particular phrasing of the notification is not required.
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(5). The following form of notification or the form appearing in section 9-1614, subsection (3), when completed, 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) not 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]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
SECTION HISTORY
1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF).