§ 9-614 — Contents and Form of Notification Before Disposition of Collateral: Consumer-goods Transaction

New York § 9-614

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 6: Default
• Subpart 1: Default and Enforcement of Security Interest
• Art. 9: Secured Transactions

Text

* Section 9--614. Contents and Form of Notification Before Disposition\n of Collateral: Consumer-goods Transaction.\n In a consumer-goods transaction, the following rules apply:\n (a) A notification of disposition must provide the following\ninformation:\n (1) the information specified in Section 9--613(a);\n (2) a description of any liability for a deficiency of the person\n to which the notification is sent;\n (3) a telephone number from which the amount that must be paid to\n the secured party to redeem the collateral under Section\n 9--623 is available; and\n (4) a telephone number or mailing address from which additional\n information concerning the disposition and the obligation\n secured is available.\n (b) A particular phrasing of the notification is not required.\n (c) The following form of notification, when completed, provides\nsufficient information:\n (Name and address of secured party)\n (Date)\n NOTICE OF OUR PLAN TO SELL PROPERTY\n (Name and address of any obligor who is also a debtor)\nSubject: (Identification of Transaction)\nWe have your (describe collateral), because you broke promises in our\nagreement.\n(For a public disposition:)\nWe will sell (describe collateral) at public sale. A sale could include\na lease or license. The sale will be held as follows:\n Date: ____________________\n Time: ____________________\n Place: ____________________\nYou may attend the sale and bring bidders if you want.\n(For a private disposition:)\n We will sell (describe collateral) at private sale sometime after\n(date). A sale could include a lease or license.\nThe money that we get from the sale (after paying our costs) will reduce\nthe amount you owe. If we get less money than you owe, you (will or will\nnot, as applicable) still owe us the difference. If we get more money\nthan you owe, you will get the extra money, unless we must pay it to\nsomeone else.\nYou can get the property back at any time before we sell it by paying us\nthe full amount you owe (not just the past due payments), including our\nexpenses. To learn the exact amount you must pay, call us at (telephone\nnumber).\nIf you want us to explain to you in writing how we have figured the\namount that you owe us, you may call us at (telephone number) (or write\nus at (secured party's address)) and request a written explanation. (We\nwill charge you $ for the explanation if we sent you another written\nexplanation of the amount you owe us within the last six months.)\nIf you need more information about the sale call us at (telephone\nnumber) (or write us at (secured party's address) ).\nWe are sending this notice to the following other people who have an\ninterest in (describe collateral) or who owe money under your agreement:\n (Names of all other debtors and obligors, if any)\n (d) A notification in the form of subsection (c) is sufficient, even\nif additional information appears at the end of the form.\n (e) A notification in the form of subsection (c) is sufficient, even\nif it includes errors in information not required by subsection (a),\nunless the error is misleading with respect to rights arising under this\narticle.\n (f) If a notification under this section is not in the form of\nsubsection (c), law other than this article determines the effect of\nincluding information not required by subsection (a).\n * NB Effective until June 3, 2026\n* Section 9--614. Contents and Form of Notification Before Disposition\n of Collateral: Consumer-goods Transaction.\n(a) Contents and form of notification. In a consumer-goods transaction,\nthe following rules apply:\n (1) A notification of disposition must provide the following\ninformation:\n (A) the information specified in Section 9--613(a);\n (B) a description of any liability for a deficiency of the person\n to which the notification is sent;\n (C) a telephone number from which the amount that must be paid to\n the secured party to redeem the collateral under Section\n 9--623 is available; and\n (D) a telephone number or mailing address from which additional\n information concerning the disposition and the obligation\n secured is available.\n(2) A particular phrasing of the notification is not required.\n (3) The following form of notification, when completed in accordance\nwith the instructions in subsection (b), provides sufficient\ninformation:\n (Name and address of secured party)\n (Date)\n NOTICE OF OUR PLAN TO SELL PROPERTY\n (Name and address of any obligor who is also a debtor)\nSubject: (Identification of Transaction)\nWe have your (describe collateral), because you broke promises in our\nagreement.\n{1} We will sell (describe collateral) at public sale. A sale could\ninclude a lease or license. The sale will be held as follows:\n Date: ____________________\n Time: ____________________\n Place: ____________________\nYou may attend the sale and bring bidders if you want.\n{2} We will sell (describe collateral) at private sale sometime after\n(date). A sale could include a lease or license.\n{3} The money that we get from the sale, after paying our costs, will\nreduce the amount you owe. If we get less money than you owe, you (will\nor will not, as applicable) still owe us the difference. If we get more\nmoney than you owe, you will get the extra money, unless we must pay it\nto someone else.\n{4} You can get the property back at any time before we sell it by\npaying us the full amount you owe, not just the past due payments,\nincluding our expenses. To learn the exact amount you must pay, call us\nat (telephone number).\n{5} If you want us to explain to you in writing or in (description of\nelectronic record) (description of electronic record) how we have\nfigured the amount that you owe us, {6} call us at (telephone number) or\nwrite us at (secured party's address) or contact us by (description of\nelectronic communication method) {7} and request a written explanation\nor an explanation in (description of electronic record) an explanation\nin (description of electronic record).\n{8} We will charge you $ (amount) for the explanation if we sent you\nanother written explanation of the amount you owe us within the last six\nmonths.\n{9} If you need more information about the sale call us at (telephone\nnumber) or write us at (secured party's address) or contact us by\n(description of electronic communication method).\n{10} We are sending this notice to the following other people who have\nan interest in (describe collateral) or who owe money under your\nagreement:\n (Names of all other debtors and obligors, if any)\n (End of Form)\n (4) A notification in the form of paragraph (3) is sufficient, even if\nadditional information appears at the end of the form.\n (5) A notification in the form of paragraph (3) is sufficient, even if\nit includes errors in information not required by paragraph (3), unless\nthe error is misleading with respect to rights arising under this\narticle.\n (6) If a notification under this section is not in the form of\nparagraph (3), law other than this article determines the effect of\nincluding information not required by paragraph (3).\n (b) Instructions for form of notification. The following instructions\napply to the form of notification in subsection (a)(3):\n (1) The instructions in this subsection refer to the numbers in braces\nbefore items in the form of notification in subsection (a)(3). Do not\ninclude the numbers or braces in the notification. The numbers and\nbraces are used only for the purpose of these instructions.\n (2) Include and complete either item {1}, if the notification relates\nto a public disposition of the collateral, or item {2}, if the\nnotification relates to a private disposition of the collateral.\n (3) Include and complete items {3}, {4}, {5}, {6}, and {7}.\n (4) In item {5}, include and complete any one of the three alternative\nmethods for the explanation--writing, writing or electronic record, or\nelectronic record.\n (5) In item {6}, include the telephone number. In addition, the sender\nmay include and complete either or both of the two additional\nalternative methods of communication--writing or electronic\ncommunication-for the recipient of the notification to communicate with\nthe sender. Neither of the two additional methods of communication is\nrequired to be included.\n (6) In item {7}, include and complete the method or methods for the\nexplanation--writing, writing or electronic record, or electronic\nrecord--included in item {5}.\n (7) Include and complete item {8} only if a written explanation is\nincluded in item {5} as a method for communicating the explanation and\nthe sender will charge the recipient for another written explanation.\n (8) In item {9}, include either the telephone number or the address or\nboth the telephone number and the address. In addition, the sender may\ninclude and complete the additional method of communication--electronic\ncommunication--for the recipient of the notification to communicate with\nthe sender. The additional method of electronic communication is not\nrequired to be included.\n (9) If item {10} does not apply, insert "None" after "agreement:".\n * NB Effective June 3, 2026\n