Indiana Code 26-1-9.1-613. Contents and form of notification before disposition of collateral; transaction other than consumer-goods transaction
(1) The contents of a notification of disposition are sufficient if the notification:
Terms Used In Indiana Code 26-1-9.1-613
- 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
- minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(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 subdivision (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in subdivision (1) are sufficient, even if the notification includes:
(A) information not specified by that subdivision; 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 IC 26-1-9.1-614(a)(3), when completed in accordance with subsection (b) and IC 26-1-9.1-614(b), 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)
{1} Name of any debtor that is not an addressee: (Name of each debtor)
{2} We will sell (describe collateral) (to the highest qualified bidder) at public sale. A sale could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
{3} We will sell (describe collateral) at private sale sometime after (date). A sale could include a lease or license.
{4} You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or, as applicable, lease or license.
{5} If you request an accounting, you must pay a charge of $ (amount).
{6} You may request an accounting by calling us at (telephone number).
(End of Form)
(b) The following instructions apply to the form of notification in subsection (a)(5):
(1) The instructions in this subsection refer to the numbers in braces before items in the form of notification in subsection (a)(5). The numbers in braces:
(A) are used only for the purpose of the instructions under this subsection; and
(B) must not be included in the notification.
(2) Include and complete item {1} only if there is a debtor that is not an addressee of the notification. List the name of each of those debtors.
(3) Include and complete either item {2}, if the notification relates to a public disposition of the collateral, or item {3}, if the notification relates to a private disposition of the collateral. If item {2} is included, include the words “to the highest bidder” only if applicable.
(4) Include and complete items {4} and {6}.
(5) Include and complete item {5} only if the sender will charge the recipient for an accounting.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.80.