sec.8Requirements for default notice

sec.8 Requirements for default notice

Unless the mortgagee reasonably believes the default is incapable of being remedied, the default notice must state— how the mortgagor has defaulted; and what the mortgagor must do to remedy the default, including, for example, any amount that must be paid to the mortgagee; and that the mortgagee intends to take possession of, or sell, the equipment on or after a stated day (the due day ) unless the default is remedied; and that, if the mortgagor makes another default of the same type before the due day that is not remedied by the due day, the mortgagee may take possession of, or sell, the equipment without giving another default notice under this part; and anything else prescribed under a regulation. If the mortgagee reasonably believes the default is incapable of being remedied, the default notice must state— how the mortgagor has defaulted; and that the mortgagee believes the default is incapable of being remedied; and that the mortgagee intends to take possession of, or sell, the equipment on or after a stated day (the due day ); and anything else prescribed under a regulation. The due day must be at least 30 days after the day the notice is given to the mortgagor. s 8 amd 2002 No. 52 s 9 (sec.8-ssec.1) Unless the mortgagee reasonably believes the default is incapable of being remedied, the default notice must state— how the mortgagor has defaulted; and what the mortgagor must do to remedy the default, including, for example, any amount that must be paid to the mortgagee; and that the mortgagee intends to take possession of, or sell, the equipment on or after a stated day (the due day ) unless the default is remedied; and that, if the mortgagor makes another default of the same type before the due day that is not remedied by the due day, the mortgagee may take possession of, or sell, the equipment without giving another default notice under this part; and anything else prescribed under a regulation. (sec.8-ssec.2) If the mortgagee reasonably believes the default is incapable of being remedied, the default notice must state— how the mortgagor has defaulted; and that the mortgagee believes the default is incapable of being remedied; and that the mortgagee intends to take possession of, or sell, the equipment on or after a stated day (the due day ); and anything else prescribed under a regulation. (sec.8-ssec.3) The due day must be at least 30 days after the day the notice is given to the mortgagor.

• (a) how the mortgagor has defaulted; and
• (b) what the mortgagor must do to remedy the default, including, for example, any amount that must be paid to the mortgagee; and
• (c) that the mortgagee intends to take possession of, or sell, the equipment on or after a stated day (the due day ) unless the default is remedied; and
• (d) that, if the mortgagor makes another default of the same type before the due day that is not remedied by the due day, the mortgagee may take possession of, or sell, the equipment without giving another default notice under this part; and