§ 25-9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction.
§25‑9‑614. Contents and form of notification before disposition ofcollateral: consumer‑goods transaction.
In a consumer‑goodstransaction, the following rules apply:
(1) A notification ofdisposition must provide the following information:
a. The informationspecified in G.S. 25‑9‑613(1);
b. A description of anyliability for a deficiency of the person to which the notification is sent;
c. A telephone numberfrom which the amount that must be paid to the secured party to redeem thecollateral under G.S. 25‑9‑623 is available; and
d. A telephone numberor mailing address from which additional information concerning the dispositionand the obligation secured is available.
(2) A particularphrasing of the notification is not required.
(3) The following formof notification, when completed, provides sufficient information:
[Name and address of securedparty]
[Date]
NOTICE OF OUR PLAN TO SELL PROPERTY
[Name and address of anyobligor who is also a debtor]
Subject: [Identification ofTransaction]
We have your [describecollateral], because you broke promises in our agreement.
[For a public disposition:]
We will sell [describecollateral] at public sale. A sale could include a lease or license. Thesale will be held as follows:
Date:__________________________________________________
Time:_________________________________________________
Place:_________________________________________________
You may attend the sale and bringbidders if you want.
[For a private disposition:]
We will sell [describecollateral] at private sale sometime after [date]. A sale couldinclude a lease or license.
The money that we get from thesale (after paying our costs) will reduce the amount you owe. If we get lessmoney than you owe, you [will or will not, as applicable] still owe usthe difference. If we get more money than you owe, you will get the extramoney, unless we must pay it to someone else.
You can get the property back atany time before we sell it by paying us the full amount you owe (not just thepast due payments), including our expenses. To learn the exact amount you mustpay, call us at [telephone number].
If you want us to explain to youin writing how we have figured the amount that you owe us, you may call us at [telephonenumber] or write us at [secured party's address] and request awritten explanation. [We will charge you $__________ for the explanation if wesent you another written explanation of the amount you owe us within the lastsix months.]
If you need more informationabout the sale call us at [telephone number] [or write us at [securedparty's address].
We are sending this notice to thefollowing other people who have an interest in [describe collateral] orwho owe money under your agreement:
[Names of all other debtorsand obligors, if any]
(4) A notification inthe form of subdivision (3) of this section is sufficient, even if additionalinformation appears at the end of the form.
(5) A notification inthe form of subdivision (3) of this section is sufficient, even if it includeserrors in information not required by subdivision (1) of this section, unlessthe error is misleading with respect to rights arising under this Article.
(6) If a notificationunder this section is not in the form of subdivision (3) of this section, lawother than this Article determines the effect of including information notrequired by subdivision (1) of this section. (2000‑169, s. 1.)