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
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