Contents and form of notification before disposition of collateral — general.

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) states that the debtor is entitled to an accounting of the unpaid indebtedness and states 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} You are entitled to an accounting of the unpaid indebtedness 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. 2000 Acts, ch 1149, §111, 187 ; 2024 Acts, ch 1023, §90 Referred to in §554.9602 , 554.9614