What three notices are required under UCC 9 for borrowers?

Under UCC 9, the correct trio of notices required for borrowers includes a notice of sale, calculation of deficiency, and a notice of accounting. Each of these notices plays a critical role in ensuring that borrowers are informed of their rights and obligations in the context of secured transactions.

The notice of sale informs the borrower of the scheduled sale of collateral that has been repossessed due to default. This notice is essential because it gives the borrower an opportunity to be aware of the sale, potentially challenge the sale, and understand how the sale will affect their obligations.

The calculation of deficiency is a key component because, in a situation where the collateral is sold for less than the amount owed on the loan, the borrower needs to know the deficiency amount for financial and legal planning. This notice informs the borrower of any remaining balance after the sale, which they may still be obligated to repay.

Lastly, the notice of accounting provides a detailed statement of how the proceeds from the sale of the collateral were calculated, including itemized charges and payments. This transparency is crucial for borrowers to understand the transaction fully and to verify that they have been charged correctly.

These three notices are designed to protect the rights of borrowers and keep them informed throughout the process, ensuring compliance with U