Title 09A, Uniform Commercial Code

§ 9—608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for…

§ 9—609. Secured party’s right to take possession after default (a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 9—610 of this title…

§ 9—610. Disposition of collateral after default (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Every aspect of a di…

§ 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 a signed notification of disposition; or (2) the debtor and any secondary obli…

§ 9—612. Timeliness of notification before disposition of collateral (a) Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notifi…

§ 9—613. Contents and form of notification before disposition of collateral: general (a) 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 secur…

§ 9—614. Contents and form of notification before disposition of collateral; consumer goods transaction (a) In a consumer goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in subdi…

§ 9—615. Application of proceeds of disposition; liability for deficiency and right to surplus (a) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9—610 of this title in the following order to: (1) the reasonable expenses of …

§ 9—616. Explanation of calculation of surplus or deficiency (a) In this section: (1) “Explanation” means a record that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c) of this section of how the secured party calc…

§ 9—617. Rights of transferee of collateral (a) A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) disch…

§ 9—618. Rights and duties of certain secondary obligors (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receiv…

§ 9—619. Transfer of record or legal title (a) In this section, “transfer statement” means a record signed by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its …

§ 9—620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral (a) Except as otherwise provided in subsection (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it sec…

§ 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 consen…

§ 9—622. Effect of acceptance of collateral (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s ri…

§ 9—623. Right to redeem collateral (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses …

§ 9—624. Waiver (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9—611 of this title only by an agreement to that effect entered into and signed after default. (b) A debtor may waive the right to require disposition …

§ 9—625. Remedies for secured party’s failure to comply with article (a) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and condi…

§ 9—626. Action in which deficiency or surplus is in issue (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the…

§ 9—627. Determination of whether conduct was commercially reasonable (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not o…

§ 9—628. Nonliability and limitation on liability of secured party; liability of secondary obligor (a) Subject to subsection (f) of this section, unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with…

§ 9—701. Effective date Act No. 106 of 2000, repealing and reenacting Article 9 of 9A V.S.A., takes effect on July 1, 2001. (Added 2001, No. 46, § 12.)

§ 9—702. Savings clause (a) Except as otherwise provided in this part, the provisions of this article which take effect on July 1, 2001 apply to a transaction or lien within the scope of such provisions, even if the transaction or lien was entered into or created before July 1, 2…

§ 9—703. Security interest perfected before effective date (a) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time, is a perfected security interest under this artic…

§ 9—704. Security interest unperfected before effective date A security interest that is enforceable immediately before July 1, 2001 but would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest until Ju…

§ 9—705. Effectiveness of action taken before effective date (a) If action, other than the filing of a financing statement, is taken before July 1, 2001 and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor,…

§ 9—706. When initial financing statement suffices as continuation statement (a) The filing of an initial financing statement in the office specified in section 9—501 of this title as in effect on and after July 1, 2001, continues the effectiveness of a financing statement filed …

§ 9—707. Amendment of pre-effective-date financing statement (a) In this section and in section 9—706 of this title, “pre-effective-date financing statement” means a financing statement filed before July 1, 2001. (b) After July 1, 2001, a person may add or delete collateral cover…

§ 9—708. Persons entitled to file initial financing statement or continuation statement A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under th…

§ 9—709. Priority (a) The provisions of this article as in effect prior to July 1, 2001 determine the priority of conflicting claims to collateral if the relative priorities of the parties were fixed before July 1, 2001. In other cases, the provisions of this article as in effect…

§ 9—801. Effective date 2014 Acts and Resolves No. 157, adopting the 2010 Uniform Commercial Code amendments promulgated by the National Conference of Commissioners on Uniform State Laws, referred to in this part as “the Act,” takes effect on July 1, 2014. (Added 2013, No. 157 (A…

§ 9—802. Savings clause (a) Except as otherwise provided in this part, the provisions of the Act apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the Act takes effect. (b) The provisions of the Act do not affect a…

§ 9—803. Security interest perfected before effective date (a) A security interest that is a perfected security interest immediately before the Act takes effect is a perfected security interest under Article 9 of this title, as amended by the Act if, when the Act takes effect, th…

§ 9—804. Security interest unperfected before effective date A security interest that is an unperfected security interest immediately before the Act takes effect becomes a perfected security interest: (1) without further action, when the Act takes effect if the applicable require…

§ 9—805. Effectiveness of action taken before effective date (a) The filing of a financing statement before the Act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9 of this t…

§ 9—806. When an initial financing statement suffices to continue effectiveness of a financing statement (a) The filing of an initial financing statement in the office specified in section 9—501 of this title continues the effectiveness of a financing statement filed before the A…

§ 9—807. Amendment of pre-effective-date financing statement (a) In this section, “pre-effective-date financing statement” means a financing statement filed before the Act takes effect. (b) After the Act takes effect, a person may add or delete collateral covered by, continue or …

§ 9—808. Person entitled to file initial financing statement or continuation statement A person may file an initial financing statement or a continuation statement pursuant to the provisions of this section if: (1) the secured party of record authorizes the filing; and (2) the fi…

§ 9—809. Priority The Act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the Act takes effect, Article 9 of this title, as it existed before amendment by the Act, determines priority. (Added 2…