It is recommended that all public sales to dispose of collateral be advertised at least three times in a newspaper of general circulation in the geographical area in which the sale is to be conducted. When this notice is sent to the newspaper, the attorney should request a bill for the advertisement and an affidavit that the notice was published on the requested dates. The terms of sale shown in the second paragraph are shown only as an example; they should be altered as necessary to make the sale commercially reasonable. See section 5.32 in this chapter.
Newspaper Notice of Public Sale
Because of a default by [name of debtor], Debtor, under the terms of a note and security agreement executed by Debtor on [date of agreement], the undersigned holder of the note and security agreement and the indebtedness represented thereby will sell at the premises of the undersigned, [address, city, state], on [date and time of sale], all right, title, and interest of the undersigned in the following property: [describe property].
The seller requires at the time of the auction a minimum down payment of 25 percent of the accepted bid in either cash, a certified check, or a cashier’s check, with the balance due within twenty-four hours thereafter. The undersigned reserves the right to bid at the sale.
Date: [date].
[Name of creditor]