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Can you summarize IACO 554.9613?
UNIFORM COMMERCIAL CODE > Contents and form of notification before disposition of collateral general.
Short Summary
This legal document governs the contents and form of notification before the disposition of collateral in non-consumer-goods transactions. The document specifies the necessary information that must be included in the notification, such as describing the debtor and the secured party, providing details about the collateral, stating the method of intended disposition, mentioning the debtor’s entitlement to an accounting of the unpaid indebtedness, and specifying the time and place of a public disposition or the time after which any other disposition is to be made. The document also clarifies that minor errors that are not seriously misleading or additional information not specified in the document can still be considered sufficient. It further provides a suggested form of notification that can be used, along with another form mentioned in section 554.9614, subsection 3. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Parties involved in non-consumer-goods transactions
What does it govern?
Notification before disposition of collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa