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§ 1-9-613. Contents and form of notification before disposition of collateral: general

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 6. Default
12A Okl.St.Ann. § 1-9-613
§ 1-9-613. Contents and form of notification before disposition of collateral: general
Currentness
Contents and form of notification before disposition of collateral: general
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) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in paragraph (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 paragraph (3) of Section 1-9-614 of this title, 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]

Credits

Laws 2000, c. 371, § 120, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-613, OK ST T. 12A § 1-9-613
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document