§ 36-9-616. Explanation of calculation of surplus or deficiency.
123 words·~1 min read·
/sc/title-36-commercial-code/chapter-9/commercial-code-secured-transactions/36-9-616·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 36-9-616. Explanation of calculation of surplus or deficiency.
(a)In this section:
(1)"Explanation" means a writing that:
(A)states the amount of the surplus or deficiency;
(B)provides an explanation in accordance with subsection
(c)of how the secured party calculated the surplus or deficiency;
(C)states, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and
(D)provides a telephone number or mailing address from which additional information concerning the transaction is available.
(2)"Request" means a record:
(A)authenticated by a debtor or consumer obligor;
(B)requesting that the recipient provide an explanation; and
(C)sent after disposition of the collateral under