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;
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/9-613

  • 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

            (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 is accompanied by or combined other notification or 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 9-614(4), 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 $…………….. You may request an accounting by calling us at ……………… (telephone number).
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