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

409.613

409.613 Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply:

409.613(1)

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

409.613(1)(a)

(a) Describes the debtor and the secured party;

409.613(1)(b)

(b) Describes the collateral that is the subject of the intended disposition;

409.613(1)(c)

(c) States the method of intended disposition;

409.613(1)(d)

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

409.613(1)(e)

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

409.613(2)

(2) Notification: question of fact. Whether the contents of a notification that lacks any of the information specified in sub. (1) are nevertheless sufficient is a question of fact.

409.613(3)

(3) Notification: other information or minor errors. The contents of a notification providing substantially the information specified in sub. (1) are sufficient, even if the notification includes:

409.613(3)(a)

(a) Information not specified by sub. (1); or

409.613(3)(b)

(b) Minor errors that are not seriously misleading.

409.613(4)

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

409.613(5)

(5) Notification: form sufficient. The following form of notification and the form appearing in s. 409.614 (3), when completed, each provide 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].

409.613 - ANNOT.

History: 2001 a. 10.