Except in a consumer-goods transaction, the following rules apply:

1. 1. The contents of a notification of disposition are sufficient if the notification:

   1. a. describes the debtor and the secured party;
   2. b. describes the collateral that is the subject of the intended disposition;
   3. c. states the method of intended disposition;
   4. d. states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
   5. e. states the time and place of a public disposition or the time after which any other disposition is to be made.
2. 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. 3. The contents of a notification providing substantially the information specified in subsection 1 are sufficient, even if the notification includes:

   1. a. information not specified by that subsection; or
   2. b. minor errors that are not seriously misleading.
4. 4. A particular phrasing of the notification is not required.
5. 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: Day and Date:................................Time:................................Place:................................[for a private disposition:] 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