(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 Paragraph (1) of this subsection are nevertheless sufficient is a question of fact. (3) The contents of a notification providing substantially the information specified in Paragraph (1) of this subsection are sufficient, even if the notification includes: (A) information not specified by that subsection; 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 Paragraph (3) of Subsection (a) of Section 55-9-614 NMSA 1978, when completed, 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) (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 )." (b) The following instructions apply to the form of notification in Paragraph (5) of Subsection (a) of this section: (1) the instructions in this subsection refer to the numbers in braces before items in the form of notification in Paragraph (5) of Subsection (a) 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 Item (1) only if there is a debtor that is not an addressee of the notification and list the name or names; (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 qualified bidder" only if applicable; (4) include and complete Items (4) and (6); and (5) include and complete Item (5) only if the sender will charge the recipient for an accounting. History: 1978 Comp., § 55-9-613, enacted by Laws 2001, ch. 139, § 110; 2023, ch. 142, § 86. OFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. New. 2. Contents of Notification. To comply with the "reasonable signed notification" requirement of Section 9-611(b), the contents of a notification must be reasonable. Except in a consumer-goods transaction, the contents of a notification that includes the information set forth in paragraph (1) are sufficient as a matter of law, unless the parties agree otherwise. (The reference to "time" of disposition means here, as it did in former Section 9-504(3) [55-9-504(3) NMSA 1978], not only the hour of the day but also the date.) Although a secured party may choose to include additional information concerning the transaction or the debtor's rights and obligations, no additional information is required unless the parties agree otherwise. A notification that lacks some of the information set forth in paragraph (1) nevertheless may be sufficient if found to be reasonable by the trier of fact, under paragraph (2). A properly completed sample form of notification in paragraph (5) or in Section 9-614(a)(3) [55-9-614(a)(3) NMSA 1978] is an example of a notification that would contain the information set forth in paragraph (1). Under paragraph (4), however, no particular phrasing of the notification is required. This section applies to a notification of a public disposition conducted electronically. A notification of an electronic disposition satisfies paragraph (1)(E) if it states the time when the disposition is scheduled to begin and states the electronic location. For example, under the technology current in 2010, the Uniform Resource Locator (URL) or other Internet address where the site of the public disposition can be accessed suffices as an electronic location. 3. Style Changes in Safe-Harbor Form and Medium Neutrality. No change in substance is intended by the changes in style to the form provided in paragraph (5) of the pre-2022 text of this section. However, the presentation and explanation of how to use the form has been simplified and clarified. The 2023 amendment, effective January 1, 2024, rewrote the contents of a notification of disposition of collateral form; in Paragraphs (a)(2) and (3), after "specified in", deleted "Subsection (l) of this section" and added "Paragraph (l) of this subsection"; in Paragraph (a)(5), after "appearing in", deleted "Subsection (3)" and added "Paragraph (3) of Subsection (a)"; deleted the former "NOTIFICATION OF DISPOSITION OF COLLATERAL" form and added a new "NOTIFICATION OF DISPOSITION OF COLLATERAL" form; and added Subsection (b).
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