Kentucky Statutes 355.9-614 – Contents and form of notification before disposition of collateral: Consumer-goods transaction
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In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the following information: (a) The information specified in KRS § 355.9-613(1);
(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 KRS § 355.9-623 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 following form of notification, when completed, provides sufficient information:
“
NOTICE OF OUR PLAN TO SELL PROPERTY
Subject:
We have your ….., because you broke promises in our agreement.
We will sell ….. 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.
We will sell ….. at private sale sometime after …... 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 ….. 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 …...
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 …..
If you need more information about the sale call us at ….. >.
We are sending this notice to the following other people who have an interest in
….. or who owe money under your agreement:
…..“
(4) A notification in the form of subsection (3) of this section is sufficient, even if additional information appears at the end of the form.
(5) A notification in the form of subsection (3) of this section is sufficient, even if it includes errors in information not required by subsection (1) of this section, unless the error is misleading with respect to rights arising under this article.
(6) If a notification under this section is not in the form of subsection (3) of this section, law other than this article determines the effect of including information not required by subsection (1) of this section.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 132, effective July 1, 2001.
(1) A notification of disposition must provide the following information: (a) The information specified in KRS § 355.9-613(1);
Terms Used In Kentucky Statutes 355.9-614
- 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 KRS § 355.9-623 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 following form of notification, when completed, provides sufficient information:
“
NOTICE OF OUR PLAN TO SELL PROPERTY
We have your …..
We will sell …..
Date: …………… Time: …………… Place: ……………
You may attend the sale and bring bidders if you want.
We will sell …..
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 …..
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 …..
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 …..
If you need more information about the sale call us at …..
We are sending this notice to the following other people who have an interest in
…..
…..
(4) A notification in the form of subsection (3) of this section is sufficient, even if additional information appears at the end of the form.
(5) A notification in the form of subsection (3) of this section is sufficient, even if it includes errors in information not required by subsection (1) of this section, unless the error is misleading with respect to rights arising under this article.
(6) If a notification under this section is not in the form of subsection (3) of this section, law other than this article determines the effect of including information not required by subsection (1) of this section.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 132, effective July 1, 2001.