400.9-613. 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) 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:
(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 section 400.9-614(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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(L. 2001 S.B. 288, A.L. 2002 S.B. 895)
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Effective | End | |||
400.9-613 | 8/28/2002 | |||
400.9-613 | 7/1/2001 | 8/28/2002 |
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