Ky. Rev. Stat. § 355.9-613

Current through 2024 Ky. Acts ch. 225

Section 355.9-613 - [Effective Until 1/1/2025] 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) of this section are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in subsection (1) of this section 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 KRS 355.9-614(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>".

KRS 355.9-613

Effective:7/1/2001
Created 2000, Ky. Acts ch. 408, sec. 131, effective7/1/2001.

This section is set out more than once due to postponed, multiple, or conflicting amendments.