Miss. Code § 75-9-613

Current through 6/1/2024

Section 75-9-613 - 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 paragraph (1) are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:

(A) Information not specified by that paragraph; 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 75-9-614(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 $____________________). You may request an accounting by calling us at [telephone number].

[END OF FORM]

Miss. Code § 75-9-613

Laws, 2001, ch. 495, § 1, eff. 1/1/2002.