Wisconsin Statutes 409.613 – Contents and form of notification before disposition of collateral: general
Current as of: 2023 | Check for updates
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Except in a consumer-goods transaction, the following rules apply:
Terms Used In Wisconsin Statutes 409.613
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Minor: means a person who has not attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated a state or federal criminal law or any civil law or municipal ordinance, "minor" does not include a person who has attained the age of 17 years. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
(1) Notification: when sufficient. 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) Notification: question of fact. Whether the contents of a notification that lacks any of the information specified in sub. (1) are nevertheless sufficient is a question of fact.
(3) Notification: other information or minor errors. The contents of a notification providing substantially the information specified in sub. (1) are sufficient, even if the notification includes:
(a) Information not specified by sub. (1); or
(b) Minor errors that are not seriously misleading.
(4) Substantial compliance. A particular phrasing of the notification is not required.
(5) Notification: form sufficient. The following form of notification and the form appearing in s. 409.614 (3), when completed, each provide 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 $ …. ]. You may request an accounting by calling us at …. [telephone number].