Section 45.29.613. General notification before disposition of collateral.

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 (1) of this section are nevertheless sufficient is a question of fact;
        (3) the contents of a notification providing substantially the information specified in (1) of this section 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 AS 45.29.614(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)     .    
                                                                

Authorities

45.29.614

Notes

References

AS 45.29.614 Notification before disposition of collateral in consumer goods transaction.

History

(Sec. 1 ch 113 SLA 2000)