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Indiana Code Title 26. Commercial Law § 26-1-9.1-613

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 613. (a) 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;

(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.

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-1-9.1-613 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-1-9-1-613/

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