Form 5-4

This form must be used to notify the debtor and any secondary obligor in a consumer-goods transac­tion. See Tex. Bus. & Com. Code § 9.614. Although the statute does not require a particular phrasing for the notification, using the form set out in section 9.614(3) provides a safe harbor that satisfies sec­tion 9.614(1). Tex. Bus. & Com. Code § 9.614 cmt. 3. The notice should be sent to each party by certi­fied mail, return receipt requested. This notice may be used in connection with either a public or a private sale. For a form to be used in transactions other than consumer-goods transactions, see form
5-3 in this chapter.

[Name and address of secured party]
[Date]

Notice of Our Plan to Sell Property

To: [name and address of any obligor who is also a debtor]
Subject: [identify secured transaction]

We have your [describe collateral], because you broke promises in our agreement.

We will sell [describe collateral] at public sale. A sale could include a lease or license. The sale will be held as follows:

Date: [day and date of sale]

Time: [time of sale]

Place: [physical address of sale]

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

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/will not] 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 [address of secured party] and request a written explanation. [Include if applicable: We will charge you $[amount] 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 [address of secured party].

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/or obligors]

   
[Name of attorney]

Certified Mail No. [number]

Return Receipt Requested

c:   [name of creditor]