The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 9-621)
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§ 9—621. Notification of proposal to accept collateral
(a) A secured party that desires to accept collateral in full or partial satisfaction
of the obligation it secures shall send its proposal to:
(1) any person from which the secured party has received, before the debtor consented
to the acceptance, a signed notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, 10 days before the debtor consented to
the acceptance, held a security interest in or other lien on the collateral perfected
by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor’s name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against
the debtor covering the collateral as of that date; and
(3) any other secured party that, 10 days before the debtor consented to the acceptance,
held a security interest in the collateral perfected by compliance with a statute,
regulation, or treaty described in subsection 9—311(a) of this title.
(b) A secured party that desires to accept collateral in partial satisfaction of the obligation
it secures shall send its proposal to any secondary obligor in addition to the persons
described in subsection (a) of this section. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2025, No. 17, § 9, eff. July 1, 2025.)