Current through the 2016 Legislative Session
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification does all of the following:
(A) It describes the debtor and the secured party.
(B) It describes the collateral that is the subject of the intended disposition.
(C) It states the method of intended disposition.
(D) It states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting.
(E) It 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 either of the following:
(A) Information not specified by that paragraph.
(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 subdivision (3) of Section 9614, 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 ________________________ (to the highest qualified bidder in public (describe collateral) as follows:) Day and Date: _________________________ Time: __________________________________ Place: _________________________________ (For a private disposition:) We will sell (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)
Amended by Stats 2000 ch 1003 (SB 2002), s 44, eff. 1/1/01, operative 7/1/01 .
Added October 10, 1999 (Bill Number: SB 45) (Chapter 991).