Except in a consumer-goods transaction, the following rules apply:
| (1) |
The contents of a notification of disposition are sufficient if the notification:
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 :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
| (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 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:
| (a) |
information not specified by that subsection; 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 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]. |
Enacted by Chapter 252, 2000 General Session
