consumer-goods transaction.
1. Contents and form of notification. In a consumer-goods transaction, the following
rules apply:
a. A notification of disposition must provide the following information:
(1)the information specified in section 554.9613, subsection 1, paragraph “a”;
(2)a description of any liability for a deficiency of the person to which the notification is
sent;
(3)a telephone number from which the amount that must be paid to the secured party to
redeem the collateral under section 554.9623 is available; and
(4)atelephonenumberormailingaddressfromwhichadditionalinformationconcerning
the disposition and the obligation secured is available.
b. A particular phrasing of the notification is not required.
c. The following form of notification, when completed in accordance with t
Free access — add to your briefcase to read the full text and ask questions with AI
consumer-goods transaction.
1. Contents and form of notification. In a consumer-goods transaction, the following
rules apply:
a. A notification of disposition must provide the following information:
(1) the information specified in section 554.9613, subsection 1, paragraph “a”;
(2) a description of any liability for a deficiency of the person to which the notification is
sent;
(3) a telephone number from which the amount that must be paid to the secured party to
redeem the collateral under section 554.9623 is available; and
(4) atelephonenumberormailingaddressfromwhichadditionalinformationconcerning
the disposition and the obligation secured is available.
b. A particular phrasing of the notification is not required.
c. The following form of notification, when completed in accordance with the instructions
in paragraph “b”, provides sufficient information:
NOTICE OF OUR PLAN TO SELL PROPERTY
(Name and address of any obligor who is also a debtor)
Subject: (Identify transaction)
We have your (describe collateral), because you broke promises
in our agreement.
{1} 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.
{2} We will sell (describe collateral) at private sale sometime
after (date). A sale could include a lease or license.
{3} 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.
{4} Youcangetthepropertybackatanytimebeforewesellitby
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).
{5} If you want us to explain to you in (writing) (writing or in
(description of electronic record)) (description of electronic record)
how we have figured the amount that you owe us, {6} call us at
(telephone number) (or) (write us at (secured party’s address)) (or
contact us by (description of electronic communication method))
{7} and request (a written explanation) (a written explanation or an
explanation in (description of electronic record)) (an explanation in
(description of electronic record)).
{8} We will charge you $(amount) for the explanation if we sent
you another written explanation of the amount you owe us within
the last six months.
{9} If you need more information about the sale (call us at
(telephone number)) (or) (write us at (secured party’s address)) (or
contact us by (description of electronic communication method)).
{10} 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)
[End of Form]
2. Instructions for form of notification. The following instructions apply to the form of
notification in subsection 1, paragraph “c”:
a. The instructions in this subsection refer to the numbers in braces before items in the
form of notification in subsection 1, paragraph “c”. 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 either item {1}, if the notification relates to a public disposition
of the collateral, or item {2}, if the notification relates to a private disposition of the collateral.
c. Include and complete items {3}, {4}, {5}, {6}, and {7}.
d. In item {5}, include and complete any one of the three alternative methods for the
explanation — writing, writing or electronic record, or electronic record.
e. In item {6}, include the telephone number. In addition, the sender may include and
completeeitherorbothofthetwoadditionalalternativemethodsofcommunication—writing
or electronic communication — for the recipient of the notification to communicate with the
sender. Neither of the two additional methods of communication is required to be included.
f. In item {7}, include and complete the method or methods for the explanation — writing,
writing or electronic record, or electronic record — included in item {5}.
g. Include and complete item {8} only if a written explanation is included in item {5} as
a method for communicating the explanation and the sender will charge the recipient for
another written explanation.
h. In item {9}, include either the telephone number or the address or both the telephone
number and the address. In addition, the sender may include and complete the additional
method of communication — electronic communication — for the recipient of the notification
to communicate with the sender. The additional method of electronic communication is not
required to be included.
i. If item {10} does not apply, insert “None” after “agreement:”.