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 subsection 1 are nevertheless sufficient is a question of fact.
3. The contents of a notification providing substantially the information specified in subsection 1 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 section 554.9614, subsection 3, 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 party]
Name of Debtor(s): [include only if debtor(s) are not an addressee]
[for a public disposition:]We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
[for a private disposition:]Day and Date:. . . . . . . .
Time: . . . . . . . .
Place: . . . . . . . .
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of . . . . dollars]. You may request an accounting by calling us at [telephone number].
2000 Acts, ch 1149, §111, 187
Referred to in § 554.9602, 554.9614
Effective July 1, 2001; 2000 Acts, ch 1149, §187; for law prior to July 1, 2001, see Code 2001
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