Letter to Debtor Giving Notice of Intent to Retain Collateral in Satisfaction of Debt
[Date]
[Name and address of debtor]
[Include name[s] and address[es] of other secured parties if applicable]
Re: [description of collateral, note, and security agreement]
[Salutation]
You are hereby notified that my client, [name of creditor], as secured party now in possession of the above-described collateral under the referenced note and security agreement now in default, proposes to retain the collateral in satisfaction of the obligation.
Sincerely yours,
[Name of attorney]
Certified Mail No. [number]
Return Receipt Requested
c: [name of creditor]