Code of Virginia (Last Updated:July 28, 2020) |
TITLE 8.9A. Commercial Code - Secured Transactions |
PART 6. Default |
SECTION 8.9A-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 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 § 8.9A-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 You are entitled to an accounting of the unpaid indebtedness secured by 2000, c. 8.9A-614 . |