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 item (1) are nevertheless sufficient is a question of fact.

3. (3) The contents of a notification providing substantially the information specified in item (1) are sufficient, even if the notification includes:

   1. (A) information not specified by that item; 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 36-9-614(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:

   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 $ ]. You may request an accounting by calling us at [telephone number]'.

HISTORY: 2001 Act No. 67, SECTION 12.