Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply:
        (1) A notification of disposition must provide the
    
following information:
            (A) the information specified in Section 9-613(1);
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/9-614

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

            (B) a description of any liability for a
        
deficiency of the person to which the notification is sent;
            (C) 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
            (D) a telephone number or mailing address from
        
which additional information concerning the disposition and the obligation secured is available.
        (2) A particular phrasing of the notification is not
    
required.
        (3) The contents of a notification providing
    
substantially the information specified in paragraph (1) are sufficient, even if the notification:
            (A) is accompanied by or combined with other
        
notifications;
            (B) includes information not specified by that
        
paragraph; or
            (C) includes minor errors that are not seriously
        
misleading.
        (4) 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 …………………. (describe collateral) or who owe money under your agreement:
    ………………………………………….
     (Names of all other debtors and obligors, if any)
        (5) A notification in the form of paragraph (4) is
    
sufficient, even if it includes errors in information not required by paragraph (1).
        (6) If a notification under this Section is not in
    
the form of paragraph (4), law other than this Article determines the effect of including information not required by paragraph (1).
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