§ 10:9-614 — Contents and form of notification before disposition of collateral: consumer-goods

Louisiana § 10:9-614

• Jurisdiction: Louisiana
• Title 10: Commercial Laws

Text

§9-614. Contents and form of notification before disposition of collateral: consumer-goods
transaction
(a) Contents and form of notification. In a consumer-goods transaction, the
following rules apply:
(1) A notification of disposition must provide the following information:
(A) the information specified in R.S. 10:9-613(a)(1);
(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 R.S. 10:9-623 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 in accordance with the
instructions in Subsection (b) of this Section, provides sufficient information:
(4) A notification in the form of Paragraph (3) of this Subsection is sufficient, even
if additional information appears at the end of the form.
(5) A notification in the form of Paragraph (3) of this Subsection is sufficient, even
if it includes errors in information not required by Paragraph (1) of this Subsection, unless
the error is misleading with respect to rights arising under this Chapter.
(6) If a notification under this Section is not in the form of Paragraph (3) of this
Subsection, law other than this Chapter determines the effect of including information not
required by Paragraph (1) of this Subsection.
(Name and address of secured party)
(Date)
(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} 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).
{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]
(b) Instructions for form of notification. The following instructions apply to the form
of notification in Paragraph (a)(3) of this Section:
(1) The instructions in this Subsection refer to the numbers in braces before items
in the form of notification in Paragraph (a)(3) of this Section. Do not include the numbers
or braces in the notification. The numbers and braces are used only for the purpose of these
instructions.
(2) 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.
(3) Include and complete items {3}, {4}, {5}, {6}, and {7}.
(4) In item {5}, include and complete any one of the three alternative methods for
the explanation—writing, writing or electronic record, or electronic record.
(5) In item {6}, include the telephone number. In addition, the sender may include
and complete either or both of the two additional alternative methods of
communication—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.
(6) 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}.
(7) 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.
(8) 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.
(9) If item {10} does not apply, insert "None" after "agreement:".

Legislative History

Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2024, No. 773, §1.