Sec. 613. (a) Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) states the method of intended disposition; (D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and (E) states the time and place of a public disposition or the time after which any other disposition is to be made. (2) Whether the contents of a notification that lacks any of the information specified in subdivision (1) are nevertheless sufficient is a question of fact. (3) The contents of a notification providing substantially the information specified in subdivision (1) are sufficient, even if the notification includes: (A) information not specified by that subdivision; or (B) minor errors that are not seriously misleading. (4) A particular phrasing of the notification is not required. (5) The following form of notification and the form appearing in IC 26-1-9.1-614 (a)(3), when completed in accordance with subsection (b) and IC 26-1-9.1-614 (b), 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) (b) The following instructions apply to the form of notification in subsection (a)(5): (1) The instructions in this subsection refer to the numbers in braces before items in the form of notification in subsection (a)(5). The numbers in braces: (A) are used only for the purpose of the instructions under this subsection; and (B) must not be included in the notification. (2) Include and complete item {1} only if there is a debtor that is not an addressee of the notification. List the name of each of those debtors. (3) 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 bidder" only if applicable. (4) Include and complete items {4} and {6}. (5) Include and complete item {5} only if the sender will charge the recipient for an accounting.‹ Prev All Indiana sections Next ›
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