of collateral: general.
CONTENTS AND FORM OF NOTIFICATION
BEFORE DISPOSITION OF COLLATERAL: GENERAL
(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 section are
nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the
information specified in paragraph (1) of this section are
sufficient, even if the notification includes:
(A) information not specified by that paragraph; 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 1-9-614 of this title,
when completed in accordance with the instructions in subsection (b)
of this section and subsection (b) of Section 1-9-614 of this title,
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 paragraph (5) of subsection (a) of this section:
(1) The instructions in this paragraph 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}.
(5) Include and complete item {5} only if the sender will
charge the recipient for an accounting.‹ Prev All Oklahoma sections Next ›
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