West Virginia Code
Article 9. Secured Transactions; Sales of Accounts and Chattel Paper
§46-9-616. Explanation of Calculation of Surplus or Deficiency

(a) Definitions. 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 this section 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 section 9-610.
(b) Explanation of calculation. In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under section 9-615, the secured party shall:
(1) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:
(A) Before or when the secured party accounts to the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency; and
(B) Within fourteen days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.
(c) Required information. To comply with subsection (a)(1)(B) of this section, a writing must provide the following information in the following order:
(1) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:
(A) If the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; or
(B) If the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five days before the disposition;
(2) The amount of proceeds of the disposition;
(3) The aggregate amount of the obligations after deducting the amount of proceeds;
(4) The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney's fees secured by the collateral which are known to the secured party and relate to the current disposition;
(5) The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1) of this subsection; and
(6) The amount of the surplus or deficiency.
(d) Substantial compliance. A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) of this section is sufficient, even if it includes minor errors that are not seriously misleading.
(e) Charges for responses. A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subdivision (1), subsection (b) of this section. The secured party may require payment of a charge not exceeding $25 for each additional response.

Structure West Virginia Code

West Virginia Code

Chapter 46. Uniform Commercial Code

Article 9. Secured Transactions; Sales of Accounts and Chattel Paper

§46-9-101. Short Title

§46-9-102. Definitions and Index of Definitions

§46-9-103. Purchase-Money Security Interest; Application of Payments; Burden of Establishing

§46-9-103a. &Quot;production-Money Crops"; &Quot;production-Money Obligation"; Production-Money Security Interest; Burden of Establishing

§46-9-104. Control of Deposit Account

§46-9-105. Control of Electronic Chattel Paper

§46-9-106. Control of Investment Property

§46-9-107. Control of Letter-of-Credit Right

§46-9-108. Sufficiency of Description

§46-9-109. Scope

§46-9-110. Security Interests Arising Under Article Two or Two-A

§46-9-201. General Effectiveness of Security Agreement

§46-9-202. Title to Collateral Immaterial

§46-9-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites

§46-9-204. After-Acquired Property; Future Advances

§46-9-205. Use or Disposition of Collateral Permissible

§46-9-206. Security Interest Arising in Purchase or Delivery of Financial Asset

§46-9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral

§46-9-208. Additional Duties of Secured Party Having Control of Collateral

§46-9-209. Duties of Secured Party if Account Debtor Has Been Notified of Assignment

§46-9-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account

§46-9-301. Law Governing Perfection and Priority of Security Interests

§46-9-302. Law Governing Perfection and Priority of Agricultural Liens

§46-9-303. Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title

§46-9-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts

§46-9-305. Law Governing Perfection and Priority of Security Interests in Investment Property

§46-9-306. Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights

§46-9-307. Location of Debtor

§46-9-308. When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection

§46-9-309. Security Interest Perfected Upon Attachment

§46-9-310. When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply

§46-9-311. Perfection of Security Interests in Property Subject to Certain Statutes, Regulations and Treaties

§46-9-312. Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter-of-Credit Rights and Money; Perfection by Permissive Filing; Temporary Perfection Without...

§46-9-313. When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing

§46-9-314. Perfection by Control

§46-9-315. Secured Party's Rights on Disposition of Collateral and in Proceeds

§46-9-316. Effect of Change in Governing Law

§46-9-317. Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien

§46-9-318. No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers

§46-9-319. Rights and Title of Consignee With Respect to Creditors and Purchasers

§46-9-320. Buyer of Goods

§46-9-321. Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business

§46-9-322. Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral

§46-9-323. Future Advances

§46-9-324. Priority of Purchase-Money Security Interests

§46-9-324a. Priority of Production-Money Security Interests and Agricultural Liens

§46-9-325. Priority of Security Interests in Transferred Collateral

§46-9-326. Priority of Security Interests Created by New Debtor

§46-9-327. Priority of Security Interests in Deposit Account

§46-9-328. Priority of Security Interests in Investment Property

§46-9-329. Priority of Security Interests in Letter-of-Credit Right

§46-9-330. Priority of Purchaser of Chattel Paper or Instrument

§46-9-331. Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article Eight

§46-9-332. Transfer of Money; Transfer of Funds From Deposit Account

§46-9-333. Priority of Certain Liens Arising by Operation of Law

§46-9-334. Priority of Security Interests in Fixtures and Crops

§46-9-335. Accessions

§46-9-336. Commingled Goods

§46-9-337. Priority of Security Interests in Goods Covered by Certificate of Title

§46-9-338. Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information

§46-9-339. Priority Subject to Subordination

§46-9-340. Effectiveness of Right of Recoupment or Set-Off Against Deposit Account

§46-9-341. Bank's Rights and Duties With Respect to Deposit Account

§46-9-342. Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement

§46-9-401. Alienability of Debtor's Rights

§46-9-402. Secured Party Not Obligated on Contract of Debtor or in Tort

§46-9-403. Agreement Not to Assert Defenses Against Assignee

§46-9-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee

§46-9-405. Modification of Assigned Contract

§46-9-406. Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles and Promissory Notes Ineffective

§46-9-407. Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest

§46-9-408. Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables and Certain General Intangibles Ineffective

§46-9-409. Restrictions on Assignment of Letter-of-Credit Rights Ineffective

§46-9-501. Filing Office

§46-9-502. Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement

§46-9-503. Name of Debtor and Secured Party

§46-9-504. Indication of Collateral

§46-9-505. Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments and Other Transactions

§46-9-506. Effect of Errors or Omissions

§46-9-507. Effect of Certain Events on Effectiveness of Financing Statement

§46-9-508. Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement

§46-9-509. Persons Entitled to File a Record

§46-9-510. Effectiveness of Filed Record

§46-9-511. Secured Party of Record

§46-9-512. Amendment of Financing Statement

§46-9-513. Termination Statement

§46-9-514. Assignment of Powers of Secured Party of Record

§46-9-515. Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement

§46-9-516. What Constitutes Filing; Effectiveness of Filing

§46-9-516a. Filing Fraudulent Records; Civil and Criminal Penalties; Administrative Proceedings; Immunity From Liability

§46-9-517. Effect of Indexing Errors

§46-9-518. Claim Concerning Inaccurate or Wrongfully Filed Record

§46-9-519. Numbering, Maintaining and Indexing Records; Communicating Information Provided in Records

§46-9-520. Acceptance and Refusal to Accept Record

§46-9-521. Written Financing Statement and Amendment Thereto

§46-9-522. Maintenance and Destruction of Records

§46-9-523. Information From Filing Office; Sale or License of Records

§46-9-524. Delay by Filing Office

§46-9-525. Fees

§46-9-526. Filing-Office Rules

§46-9-527. Duty to Report

§46-9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles or Promissory Notes

§46-9-602. Waiver and Variance of Rights and Duties

§46-9-603. Agreement on Standards Concerning Rights and Duties

§46-9-604. Procedure if Security Agreement Covers Real Property or Fixtures

§46-9-605. Unknown Debtor or Secondary Obligor

§46-9-606. Time of Default for Agricultural Lien

§46-9-607. Collection and Enforcement by Secured Party

§46-9-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus

§46-9-609. Secured Party's Right to Take Possession After Default

§46-9-610. Disposition of Collateral After Default

§46-9-611. Notification Before Disposition of Collateral

§46-9-612. Timeliness of Notification Before Disposition of Collateral

§46-9-613. Contents and Form of Notification Before Disposition of Collateral: General

§46-9-614. Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction

§46-9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus

§46-9-616. Explanation of Calculation of Surplus or Deficiency

§46-9-617. Rights of Transferee of Collateral

§46-9-618. Rights and Duties of Certain Secondary Obligors

§46-9-619. Transfer of Record or Legal Title

§46-9-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral

§46-9-621. Notification of Proposal to Accept Collateral

§46-9-622. Effect of Acceptance of Collateral

§46-9-623. Right to Redeem Collateral

§46-9-624. Waiver

§46-9-625. Remedies for Secured Party's Failure to Comply With Article

§46-9-626. Action in Which Deficiency or Surplus Is in Issue

§46-9-627. Determination of Whether Conduct Was Commercially Reasonable

§46-9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor

§46-9-701. Effective Date

§46-9-702. Savings Clause

§46-9-703. Security Interest Perfected Before Effective Date

§46-9-704. Security Interest Unperfected Before Effective Date

§46-9-705. Effectiveness of Action Taken Before Effective Date

§46-9-706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

§46-9-707. Amendment of Preeffective-Date Financing Statement

§46-9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement

§46-9-709. Priority

§46-9-801. Effective Date

§46-9-802. Savings Clause

§46-9-803. Security Interest Perfected Before Effective Date

§46-9-804. Security Interest Unperfected Before Effective Date

§46-9-805. Effectiveness of Action Taken Before Effective Date

§46-9-806. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

§46-9-807. Amendment of Preeffective-Date Financing Statement

§46-9-808. Person Entitled to File Initial Financing Statement or Continuation Statement

§46-9-809. Priority