The Vermont Statutes Online

Title 9A : Uniform Commercial Code

Article 009 : Secured Transactions

• § 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.)