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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
009
:
Secured Transactions
§
9-611. Notification before disposition of collateral (a) In this section,
"notification date" means the
earlier of the date on which: (1) a secured party sends to the debtor and any
secondary obligor an authenticated notification of disposition; or (2) the
debtor and any secondary obligor waive the right to notification. (b) Except as
otherwise provided in subsection (d) of this section , a secured party that disposes of collateral under
section 9 - 610 of this title shall send to the persons specified in subsection
(c) of this section a reasonable authenticated notification of disposition. (c)
To comply with subsection (b) of this section, the secured party shall send an
authenticated notification of disposition to: (1) the debtor; (2) any secondary
obligor; and (3) if the collateral is other than consumer goods: (A) any other
person from which the secured party has received, before the notification date,
an authenticated notification of a claim of an interest in the collateral; (B)
any other secured party or lienholder that, 10 days before the notification
date, held a security interest in or other lien on the collateral perfected by the filing of a financing
statement that: (i) identified the collateral; (ii) was indexed under the
debtor's name as of that date; and (iii) was filed in the office in which to
file a financing statement against the debtor covering the collateral as of
that date; and (C) any other secured party that, 10 days before the
notification date, 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. (d) Subsection (b)
of this section does not apply if the collateral is perishable or threatens to
decline speedily in value or is of a type customarily sold on a recognized
market. (e) A secured party complies with the requirement for notification
prescribed in subdivision (c)(3)(B) of this section if: (1) not later than 20
days or earlier than 30 days before the notification date, the secured party
requests, in a commercially reasonable manner, information concerning financing
statements indexed under the debtor's name in
the office indicated in subdivision (c)(3)(B) of this section; and (2)
before the notification date, the secured party: (A) did not receive a response
to the request for information; or (B) received a response to the request for
information and sent an authenticated notification of disposition to each
secured party named in that response whose financing statement covered the
collateral. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)