(810 ILCS 5/9-613) (Text of Section before amendment by P.A. 103-1036) Sec. 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
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(E) states the time and place of a public disposition or the time after which any
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| other disposition is to be made.
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(2) Whether the contents of a notification that lacks any of the information specified
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| in paragraph (1) are nevertheless sufficient is a question of fact.
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(3) The contents of a notification providing substantially the information specified in
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| paragraph (1) are sufficient, even if the notification is accompanied by or combined other notification or includes:
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(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 9-614(4), when
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| completed, each provides sufficient information:
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NOTIFICATION OF DISPOSITION OF COLLATERAL To: ..................................... (Name of debtor, obligor, or other person to |
| which the notification is sent)
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From: ................................... (Name, address, and telephone number of
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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 ............................
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| (describe collateral) to the highest qualified bidder in public as follows:
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Day and Date: ...................................
Time: ...........................................
Place: ..........................................
For a private disposition:
We will sell (or lease or license, as applicable) the ...........................
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| (describe collateral) privately sometime after ................ (day and date).
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You are entitled to an accounting of the unpaid indebtedness secured by the property
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| 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).
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(Source: P.A. 91-893, eff. 7-1-01.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-613. Contents and form of notification before disposition of collateral: general.
(a) Contents and form of notification. 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
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| and states the charge, if any, for an accounting; and
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(E) states the time and place of a public disposition or the time after which any
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| other disposition is to be made.
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(2) Whether the contents of a notification that lacks any of the information specified
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| in paragraph (1) are nevertheless sufficient is a question of fact.
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(3) The contents of a notification providing substantially the information specified in
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| paragraph (1) are sufficient, even if the notification is accompanied by or combined other notification or includes:
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(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 9-614(a)(4),
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| when completed in accordance with the instructions in subsection (b) and Section 9-614(b), each provides sufficient information:
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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)
{1} Name of any debtor that is not an addressee: (Name of each debtor)
{2} We will sell (describe collateral) (to the highest qualified bidder) at public sale. A sale could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
{3} We will sell (describe collateral) at private sale sometime after (date). A sale could include a lease or license.
{4} You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or, as applicable, lease or license.
{5} If you request an accounting you must pay a charge of $ (amount).
{6} You may request an accounting by calling us at (telephone number). [End of Form] (b) Instructions for form of notification. The following instructions apply to the form of notification in subsection (a)(5):
(1) The instructions in this subsection refer to the numbers in braces before items in |
| the form of notification in subsection (a)(5). Do not include the numbers or braces in the notification. The numbers and braces are used only for the purpose of these instructions.
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(2) Include and complete item {1} only if there is a debtor that is not an addressee of
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| the notification and list the name or names.
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(3) Include and complete either item {2}, if the notification relates to a public
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| disposition of the collateral, or item {3}, if the notification relates to a private disposition of the collateral. If item {2} is included, include the words "to the highest qualified bidder" only if applicable.
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(4) Include and complete items {4} and {6}.
(5) Include and complete item {5} only if the sender will charge the recipient for an
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(Source: P.A. 103-1036, eff. 1-1-25.)
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