of collateral: consumer-goods transaction.
CONTENTS AND FORM OF NOTIFICATION BEFORE
DISPOSITION OF COLLATERAL: CONSUMER-GOODS TRANSACTION
(a) In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the following
information:
(A) the information specified in paragraph (1) of
subsection (a) of Section 1-9-613 of this title;
(B) a description of any liability for a deficiency of the
person to which the notification is sent;
(C) a telephone number from which the amount that must be
paid to the secured party to redeem the collateral
under Section 1-9-623 of this title is available; and
(D) a telephone number or mailing address from which
additional information concerning the disposition and
the obligation secured is available.
(2) A particular phrasing of the notification is not required.
(3) The following form of notification, when completed in
accordance with the instructions in subsection (b) of this section,
provides sufficient information:
(Name and address of secured party)
(Date)
NOTICE OF OUR PLAN TO SELL PROPERTY
(Name and address of any obligor who is also a debtor)
Subject: (Identify transaction)
We have your (describe collateral), because you broke promises
in our agreement.
{1} We will sell (describe collateral) at public sale. A sale
could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
You may attend the sale and bring bidders if you want.
{2} We will sell (describe collateral) at private sale sometime
after (date). A sale could include a lease or license.
{3} The money that we get from the sale, after paying our costs,
will reduce the amount you owe. If we get less money than you owe,
you (will or will not, as applicable) still owe us the difference.
If we get more money than you owe, you will get the extra money,
unless we must pay it to someone else.
{4} You can get the property back at any time before we sell it
by paying us the full amount you owe, not just the past due
payments, including our expenses. To learn the exact amount you
must pay, call us at (telephone number).
{5} If you want us to explain to you in (writing) (writing or in
(description of electronic record)) (description of electronic
record) how we have figured the amount that you owe us, {6} Call us
at (telephone number) (or) (write us at (secured party's address))
(or contact us by (description of electronic communication method))
{7} and request (a written explanation) (a written explanation or an
explanation in (description of electronic record)) (an explanation
in (description of electronic record)).
{8} We will charge you $ (amount) for the explanation if we sent
you another written explanation of the amount you owe us within the
last six months.
{9} If you need more information about the sale (call us at
(telephone number)) (or) (write us at (secured party's address)) (or
contact us by (description of electronic communication method)).
{10} We are sending this notice to the following other people
who have an interest in (describe collateral) or who owe money under
your agreement:
(Names of all other debtors and obligors, if any)
[End of Form]
(4) A notification in the form of paragraph (3) of this
subsection is sufficient, even if additional information appears at
the end of the form.
(5) A notification in the form of paragraph (3) of this
subsection is sufficient, even if it includes errors in information
not required by paragraph (1) of this subsection, unless the error
is misleading with respect to rights arising under this article.
(6) If a notification under this section is not in the form of
paragraph (3) of this subsection, law other than this article
determines the effect of including information not required by
paragraph (1) of this subsection.
(b) The following instructions apply to the form of
notification in paragraph (3) 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 (3) 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 either item {1}, if the notification
relates to a public disposition of the collateral, or item {2}, if
the notification relates to a private disposition of the collateral.
(3) Include and complete items {3}, {4}, {5}, {6}, and {7}.
(4) In item {5}, include and complete any one of the three
alternative methods for the explanation — writing, writing or
electronic record, or electronic record.
(5) In item {6}, include the telephone number. In addition,
the sender may include and complete either or both of the two
additional alternative methods of communication - writing or
electronic communication - for the recipient of the notification to
communicate with the sender. Neither of the two additional methods
of communication is required to be included.
(6) In item {7}, include and complete the method or methods for
the explanation — writing, writing or electronic record, or
electronic record — included in item {5}.
(7) Include and complete item {8} only if a written explanation
is included in item {5} as a method for communicating the
explanation and the sender will charge the recipient for another
written explanation.
(8) In item {9}, include either the telephone number or the
address or both the telephone number and the address. In addition,
the sender may include and complete the additional method of
communication - electronic communication - for the recipient of the
notification to communicate with the sender. The additional method
of electronic communication is not required to be included.
(9) If item {10} does not apply, insert "None" after
"agreement:".‹ Prev All Oklahoma sections Next ›
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