(810 ILCS 5/9-613)
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
(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 is accompanied by or combined other notification or 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 9-614(4), 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).
(Source: P.A. 91-893, eff. 7-1-01.)
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Last modified: February 18, 2015