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Commercial Law Keyed to Lopucki
Federal Deposit Insurance Corp v. Lanier
Facts
Appellee intended to sell the collateral underlying a secured loan. Appellee sent notice of disposition to the guarantors. The notice failed to state that the property would be disposed of at a private sale. The notice stated that the property would be sold after 10 days. It also stated that the value of the property threatens to decline speedily and therefore the sale may take place immediately. The property was not sold for four months. Appellants assert that the notice was defective because it failed to state whether the property would be disposed of at a private or public sale and because the sale actually took place four months after the date of the letter as opposed to ten days.
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