§9-614. Contents and form of notification before disposition of collateral; consumer

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00614
Published: 2015

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Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-614. Contents and form of notification before disposition of collateral;

consumer goods transaction

In a consumer

goods transaction, the following rules apply:

(1) A

notification of disposition must provide the following information:

(A) the information

specified in section 9-613(1);

(B) a

description of any liability for a deficiency of the person to which the

notification is sent;

(C) a telephone

number from which the amount that must be paid to the secured party to redeem

the collateral under section 9-623 is available; and

(D) a telephone

number or mailing address from which additional information concerning the

disposition and the obligation secured is available.

(2) A particular

phrasing of the notification is not required.

(3) The following

form of notification, when completed, provides sufficient information:

=lf [ Name and

address of secured party ] =lf

=lf [ Date ] =lf

NOTICE OF OUR

PLAN TO SELL PROPERTY

=lf [ Name and

address of any obligor who is also a debtor ] =lf

Subject: =lf [

Identification of Transaction ] =lf

We have your

............ [ describe collateral ] ............ , because you broke promises

in our agreement.

For a public

disposition:

We will sell

............ [ describe collateral ] ............ at public sale. A sale could

include a lease or license. The sale will be held as follows:

Date: =lf

Time: =lf

Place: =lf

You may attend

the sale and bring bidders if you want.

or

For a private

disposition:

We will sell

............ [ describe collateral ] ............ at private sale sometime

after ....... [ date ] ....... . A sale could include a lease or license.

The money that

we get from the sale (after paying our costs) will reduce the amount you owe.

If we get less money than you owe, you ....... [ will or will not, as

applicable ] ....... still owe us the difference. If we get more money than you

owe, you will get the extra money, unless we must pay it to someone else.

You can get the

property back at any time before we sell it by paying us the full amount you

owe (not just the past due payments), including our expenses. To learn the

exact amount you must pay, call us at .............. [ telephone number ] =lf .

If you want us

to explain to you in writing how we have figured the amount that you owe us,

you may call us at .............. [ telephone number ] .............. or write

us at ................... [ secured party's address ] ..................... and

reques a written explanation. We will charge you $...... for the explanation if

we sent you another written explanation of the amount you owe us within the

last six months.

If you need more

information about the sale call us at .............. [ telephone number ]

.............. or write us at ..................... [ secured party's address ]

..................... .

We are sending

this notice to the following other people who have an interest in ....... [

describe collateral ] ....... or who owe money under your agreement:

................

[it Names of all other debtors and obligors, if any ] ................

(4) A

notification in the form of paragraph (3) is sufficient, even if additional

information appears at the end of the form.

(5) A

notification in the form of paragraph (3) is sufficient, even if it includes

errors in information not required by paragraph (1), unless the error is

misleading with respect to rights arising under this article.

(6) If a

notification under this section is not in the form of paragraph (3), law other

than this article determines the effect of including information not required

by paragraph (1). (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
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