Title 11, Chapter 9, Section 614
( 11-9-614)
Contents and form of notification before disposition of collateral; consumer goods transaction. In a consumer goods transaction, the following rules apply: (1) A notification of disposition must provide the following
information: (A) The information specified in paragraph (1) of Code Section 11-9-613; (B) A description of any liability for a deficiency of the
person to which the notification is sent; (C) A telephone number from which the amount that must be paid to the secured party to redeem the collateral under Code Section 11-9-623 is available; and (D) A telephone number or mailing address from which additional
information concerning the disposition and the obligation
secured is available; (2) A particular phrasing of the notification is not required; (3) The following form of notification, when completed, provides
sufficient information: (Name_and_address_of_secured_party)
(Date)___________ NOTICE OF OUR PLAN TO SELL PROPERTY (Name_and_address_of_any_obligor_who_is_also_a_debtor)
Subject: (Identification_of_transaction) We have your (describe_collateral), because you broke promises
in our agreement. (For a public disposition:) We will sell (describe_collateral) at public sale. A sale could
include a lease or license. The sale will be held as follows:
Date: ______________
Time: ______________
Place: _____________ You may attend the sale and bring bidders if you want. For a private disposition:) We will sell (describe_collateral) at private sale sometime
after (date). A sale could include a lease or license. The money that we get from the sale (after paying our costs)
will reduce the amount you owe. If we get less money than you
owe, you (will_or_will_not,_as_applicable) still owe us the
difference. If we get more money than you owe, you will get the
extra money, unless we must pay it to someone else. You can get the property back at any time before we sell it by
paying us the full amount you owe (not just the past due
payments), including our expenses. To learn the exact amount
you must pay, call us at (telephone_number). If you want us to explain to you in writing how we have figured
the amount that you owe us, you may call us at (telephone
number) or write us at (secured_party's_address) and request a
written explanation. (We will charge you $__________ for the
explanation if we sent you another written explanation of the
amount you owe us within the last six months.) If you need more information about the sale call us at
(telephone_number) or write us at (secured_party's_address). We are sending this notice to the following other people who
have an interest in (describe_collateral) or who owe money under
your agreement: (Names_of_all_other_debtors_and_obligors,_if_any); (4) A notification in the form of paragraph (3) of this Code
section is sufficient, even if additional information appears at
the end of the form; (5) A notification in the form of paragraph (3) of this Code
section is sufficient, even if it includes errors in information
not required by paragraph (1) of this Code section, unless the
error is misleading with respect to rights arising under this
article; and (6) If a notification under this Code section is not in the form
of paragraph (3) of this Code section, law other than this article
determines the effect of including information not required by
paragraph (1) of this Code section. |