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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 9A : Uniform Commercial Code

Article 009 : SECURED TRANSACTIONS

(Cite as: 9A V.S.A. § 9-613)
  • § 9-613. Contents and form of notification before disposition of collateral: general

    Except in a consumer-goods transaction, the following rules apply:

    (1) The contents of a notification of disposition are sufficient if the notification:

    (A) describes the debtor and the secured party;

    (B) describes the collateral that is the subject of the intended disposition;

    (C) states the method of intended disposition;

    (D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

    (E) states the time and place of a public disposition or the time after which any other disposition is to be made.

    (2) Whether the contents of a notification that lacks any of the information specified in subdivision (1) of this section are nevertheless sufficient is a question of fact.

    (3) The contents of a notification providing substantially the information specified in subdivision (1) of this section are sufficient, even if the notification includes:

    (A) information not specified by that paragraph; or

    (B) minor errors that are not seriously misleading.

    (4) A particular phrasing of the notification is not required.

    (5) The following form of notification and the form appearing in subdivision 9—614(3) of this title, when completed, each provides sufficient information:

      NOTIFICATION OF DISPOSITION OF COLLATERAL To: [ Name of debtor, obligor, or other person to which the notification is  sent   ] From: [ Name, address, and telephone number of secured party   ] Name of Debtor(s): [ Include only if debtor(s) are not an addressee    ] For a public disposition: We will sell the [ describe collateral   ]to the highest qualified bidder in public as follows: Day and Date: _______________ Time: __________________ Place: __________________ For a private disposition: We will sell the [ describe collateral   ]privately sometime after [ day and date   ]. You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell. You may request an accounting by calling us at [ telephone number   ].

     (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2001, No. 46, § 8.)