2006 New York Code - Contents And Form Of Notification Before Disposition Of Collateral



 
  Section 9--614. Contents  and Form of Notification Before Disposition of
                    Collateral: Consumer-goods Transaction.
    In a consumer-goods transaction, the following rules apply:
    (a) A  notification  of  disposition  must   provide   the   following
  information:
         (1) the information specified in Section 9--613(a);
         (2) a description of any liability for a deficiency of the person
             to which the notification is sent;
         (3) a telephone number from which the amount that must be paid to
             the  secured  party  to  redeem  the collateral under Section
             9--623 is available; and
         (4) a telephone number or mailing address from  which  additional
             information  concerning  the  disposition  and the obligation
             secured is available.
    (b) A particular phrasing of the notification is not required.
    (c) The following  form  of  notification,  when  completed,  provides
  sufficient information:
    (Name and address of secured party)
    (Date)
                     NOTICE OF OUR PLAN TO SELL PROPERTY
    (Name and address of any obligor who is also a debtor)
  Subject: (Identification of Transaction)
  We  have  your  (describe collateral), because you broke promises in our
  agreement.
  (For a public disposition:)
  We will sell (describe collateral) at public sale. A sale could  include
  a lease or license. The sale will be held as follows:
    Date:          ____________________
    Time:          ____________________
    Place:         ____________________
  You may attend the sale and bring bidders if you want.
  (For a private disposition:)
    We  will  sell  (describe  collateral)  at private sale sometime after
  (date). A sale could include a lease or license.
  The money that we get from the sale (after paying our costs) will reduce
  the amount you owe. If we get less money than you owe, you (will or will
  not, as applicable) still owe us the difference. If we  get  more  money
  than  you  owe,  you  will get the extra money, unless we must pay it to
  someone else.
  You can get the property back at any time before we sell it by paying us
  the full amount you owe (not just the past due payments), including  our
  expenses.  To learn the exact amount you must pay, call us at (telephone
  number).
  If you want us to explain to you in writing  how  we  have  figured  the
  amount  that you owe us, you may call us at (telephone number) (or write
  us at (secured party's address)) and request a written explanation.  (We
  will  charge you $    for the explanation if we sent you another written
  explanation of the amount you owe us within the last six months.)
  If you need more information  about  the  sale  call  us  at  (telephone
  number) (or write us at (secured party's address) ).
  We  are  sending  this  notice to the following other people who have an
  interest in (describe collateral) or who owe money under your agreement:
    (Names of all other debtors and obligors, if any)
    (d) A notification in the form of subsection (c) is  sufficient,  even
  if additional information appears at the end of the form.
    (e) A  notification  in the form of subsection (c) is sufficient, even
  if it includes errors in information not  required  by  subsection  (a),
  unless the error is misleading with respect to rights arising under this
  article.
    (f) If  a  notification  under  this  section  is  not  in the form of
  subsection (c), law other than this article  determines  the  effect  of
  including information not required by subsection (a).

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