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New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-613

Current as of February 19, 2021 | Updated by FindLaw Staff

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 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 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 12A:9-614 (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:

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)

(End of Form)

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Cite this article: FindLaw.com - New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-613 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-12a-commercial-transactions/nj-st-sect-12a-9-613/

Read this complete New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-613 on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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