§9-611. Notification before disposition of collateral (a) In this section, "notification date"

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00611
Published: 2015

Print

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.)
Read Entire Law on legislature.vermont.gov