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As of the writing of this post, the 1951 version of Article 2 is the official and most recent version of the text.

  • For a consumer goods transaction: Name and address of creditor and date Example: Notice of our plan to sell property Name and address of debtor Identification of collateral We have your collateral and because you broke promises in our agreement we will sell description of collateral at a private sale sometime after date.

  • But unless an additional set of steps is taken, the rights of the secured party might be subordinated to the rights of other secured parties, certain lien creditors, bankruptcy trustees, and buyers who give value and who do not know of the security interest.

  • All states have now adopted this practice.




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