Texas Business & Commerce Code

§ 9.616 — EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY

BC § 9.616Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. F. DEFAULT

Statute text

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(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.

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Legislative history

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.