A notification of disposition of collateral agreement is a document drafted when a secured party sends to a debtor or an obligor an authenticated notification of disposition on a certain date referred to as a notification date. Under this agreement the secured party disposes of collateral under a certain legal section.
The information usually mentioned in the agreement is as follows:
The effective date of the agreement
The revised code under which the notification of disposition has to be specified
The adjustable rate note in the original principal amount as on the effective date.
The deed of trust and also the name and address of the individual executing the deed of trust
The official record and the state under which the official record belongs
It is necessary to mention the collateral if it is anything other than consumer goods
The details of the debtor
Notification of Disposition of Collateral Agreement
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