409.613 Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply:
(1) Notification: when sufficient. 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) Notification: question of fact. Whether the contents of a notification that lacks any of the information specified in sub. (1) are nevertheless sufficient is a question of fact.
(3) Notification: other information or minor errors. The contents of a notification providing substantially the information specified in sub. (1) are sufficient, even if the notification includes:
(a) Information not specified by sub. (1); or
(b) Minor errors that are not seriously misleading.
(4) Substantial compliance. A particular phrasing of the notification is not required.
(5) Notification: form sufficient. The following form of notification and the form appearing in s. 409.614 (3), when completed, each provide 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].
History: 2001 a. 10.
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