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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.)