§ 554.9613 — Contents and form of notification before disposition of collateral — general

Iowa § 554.9613

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. Contents and form of notification. Except in a consumer-goods transaction, the
following rules apply:

a. The contents of a notification of disposition are sufficient if the notification:
(1) describes the debtor and the secured party;
(2) describes the collateral that is the subject of the intended disposition;
(3) states the method of intended disposition;
(4) statesthatthedebtorisentitledtoanaccountingoftheunpaidindebtednessandstates
the charge, if any, for an accounting; and
(5) states the time and place of a public disposition or the time after which any other
disposition is to be made.
b. Whether the contents of a notification that lacks any of the information specified in
paragraph “a” are nevertheless sufficient is a question of fact.
c. The contents of a notification providing substantially the information specified in
paragraph “a” are sufficient, even if the notification includes:
(1) information not specified by that paragraph; or
(2) minor errors that are not seriously misleading.
d. A particular phrasing of the notification is not required.
e. The following form of notification and the form appearing in section 554.9614,
subsection 1, paragraph “c”, when completed in accordance with the instructions in
subsection 2 and section 554.9614, subsection 2, 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)
{1} Name of any debtor that is not an addressee: (Name of each
debtor)
{2} We will sell (describe collateral) (to the highest qualified
bidder) at public sale. A sale could include a lease or license. The
sale will be held as follows:
(Date)
(Time)
(Place)
{3} We will sell (describe collateral) at private sale sometime
after (date). A sale could include a lease or license.
{4} Youareentitledtoanaccountingoftheunpaidindebtedness
secured by the property that we intend to sell or, as applicable, lease
or license.
{5} If you request an accounting you must pay a charge of
$(amount).
{6} You may request an accounting by calling us at (telephone
number).
[End of Form]
2. Instructions for form of notification. The following instructions apply to the form of
notification in subsection 1, paragraph “e”:
a. The instructions in this subsection refer to the numbers in braces before items in the
form of notification in subsection 1, paragraph “e”. Do not include the numbers or braces in
the notification. The numbers and braces are used only for the purpose of these instructions.
b. Include and complete item {1} only if there is a debtor that is not an addressee of the
notification and list the name or names.
c. Include and complete either item {2}, if the notification relates to a public disposition of
the collateral, or item {3}, if the notification relates to a private disposition of the collateral.
If item {2} is included, include the words “to the highest qualified bidder” only if applicable.
d. Include and complete items {4} and {6}.

e. Include and complete item {5} only if the sender will charge the recipient for an
accounting.