(A) Except in a consumer-goods transaction, all of the following rules apply to a notification of disposition of collateral and to a disposition of collateral:
(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, by identifying the place of business or address or by providing other information that, in each case, reasonably describes the location, 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 division (A)(1) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in division (A)(1) of this section are sufficient, even if the notification includes:
(a) Information not specified by that division; or
(b) Minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
"NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor, or other person to whom 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:.............
(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)."
Cite as R.C. § 1309.613
History. Effective Date: 07-01-2001; 11-05-2004