Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-9A-613.htm |
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Depth: | 0 singles |
Size: | 2,771 bytes |
Modified: | 2003-01-22 13:03:40 |
Categories: | -None- |
Title: | 7-9A-613 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-9A-613 Contents and form of notification before disposition of collateral: General. 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) are nevertheless sufficient is a question of fact. (3) The contents of a notification providing substantially the information specified in paragraph (1) 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 Section 7-9A-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: For a private disposition: We will sell or lease or license, as applicable, the ________ (describe collateral) privately some time 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). [End of Form] (Act 2001-481, p. 647, ยง1.) |