Except in a consumer-goods transaction, the following rules apply:

(1) The contents of a notification of disposition are sufficient if the notification:

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Terms Used In Utah Code 70A-9a-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
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
     (1)(a) describes the debtor and the secured party;
     (1)(b) describes the collateral that is the subject of the intended disposition;
     (1)(c) states the method of intended disposition;
     (1)(d) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
     (1)(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 Subsection (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in Subsection (1) are sufficient, even if the notification includes:

     (3)(a) information not specified by that subsection; or
     (3)(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 Subsection 70A-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: [Insert day and date]

     Time: [Insert time]

     Place: [Insert 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 $[Insert amount] ]. You may request an accounting by calling us at [telephone number].

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