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Alaska Statutes.

Title 45. Trade and Commerce

Chapter 29. Secured Transactions

Section 614. Notification Before Disposition of Collateral in Consumer Goods Transaction.

AS 45.29.614. Notification Before Disposition of Collateral in Consumer Goods Transaction.

In a consumer goods transaction, the following rules apply:

(1) a notification of disposition must provide the following information:

(A) the information specified in AS 45.29.613 (1);

(B) a description of any liability for a deficiency of the person to which the notification is sent;

(C) a telephone number from which the amount that must be paid to the secured party to redeem the collateral under AS 45.29.623 is available; and

(D) a telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.

(2) a particular phrasing of the notification is not required;

(3) the following form of notification, when completed, provides sufficient information:

___(Name and address of secured party)___                              

___(Date)___                                                           

NOTICE OF OUR PLAN TO SELL PROPERTY

(Name and address of any obligor who is also a debtor)                 

Subject: ___(Identification of Transaction)___                         

We have your ___(describe collateral)___, because you broke promises

in our agreement.                                                      

(For a public disposition:)                                            

We will sell ___(describe collateral)___ at public sale. A sale could

include a lease or license. The sale will be held as follows:          

Date:     ______________________________                               

Time:     ______________________________                               

Place:    ______________________________                               

You may attend the sale and bring bidders if you want.                 

(For a private disposition:)                                           

We will sell ___(describe collateral)___ at private sale sometime      

after ___(date)___. A sale could include a lease or license.           

The money that we get from the sale, after paying our costs, will

 reduce the amount you owe. If we get less money than you owe, you     

___(will or will not, as applicable)___ still owe us the             

difference. If we get more money than you owe, you will get the extra money, unless

 we must pay it to someone else.                                       

You can get the property back at any time before we sell it by paying

us the full amount you owe (not just the past due payments), including

our expenses. To learn the exact amount you must pay, call us at       

___(telephone number)___.                                              

If you want us to explain to you in writing how we have figured the

amount that you owe us, you may call us at ___(telephone number)___

(or write us at ___(secured party's address)___) and request a         

written explanation. (We will charge you $ __________ for the          

explanation if we sent you another written explanation of the amount

 you owe us within the last six months.)                               

If you need more information about the sale call us at ___(telephone

number)___ (or write us at ___(secured party's address)___).           

We are sending this notice to the following other people who have an

interest in ___(describe collateral)___ or who owe money under your

agreement:                                                             

___(Names of all other debtors and obligors, if any)___.               

(4) a notification in the form of (3) of this section is sufficient even if additional information appears at the end of the form;

(5) a notification in the form of (3) of this section is sufficient even if it includes errors in information not required by (1) of this section unless the error is misleading with respect to rights arising under this chapter;

(6) if a notification under this section is not in the form set out in (3) of this section, law other than this chapter determines the effect of including information not required by (1) of this section.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2004. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.

Last modified 9/3/2005