Iowa Code 554.9613 – Contents and form of notification before disposition of collateral — general
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Terms Used In Iowa Code 554.9613
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
554.9613 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 subsection 1 are nevertheless sufficient is a question of fact.
3. The contents of a notification providing substantially the information specified in subsection 1 are sufficient, even if the notification includes:
a. information not specified by that subsection; 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 section 554.9614, subsection 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 ……………. dollars]. You may request an accounting by calling us at [telephone number].
2000 Acts, ch 1149, §111, 187
Referred to in §554.9602, 554.9614
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 subsection 1 are nevertheless sufficient is a question of fact.
3. The contents of a notification providing substantially the information specified in subsection 1 are sufficient, even if the notification includes:
a. information not specified by that subsection; 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 section 554.9614, subsection 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 ……………. dollars]. You may request an accounting by calling us at [telephone number].
2000 Acts, ch 1149, §111, 187
Referred to in §554.9602, 554.9614