Title 09A, Title 09A: Uniform Commercial Code

§ 9—511. Secured party of record (a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial f…

§ 9—512. Amendment of financing statement (a) Subject to section 9—509 of this title, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this section, otherwise amend the information provided in, a financ…

§ 9—513. Termination statement (a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) there is no obligation secured by the collate…

§ 9—514. Assignment of powers of secured party of record (a) Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by provid…

§ 9—515. Duration and effectiveness of financing statement; effect of lapsed financing statement (a) Except as otherwise provided in subsections (b), (e), (f), and (g) of this section, a filed financing statement is effective for a period of five years after the date of filing. (…

§ 9—516. What constitutes filing; effectiveness of filing (a) Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Filing …

§ 9—517. Effect of indexing errors The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

§ 9—518. Claim concerning inaccurate or wrongfully filed record (a) A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed. (b) An …

§ 9—519. Numbering, maintaining, and indexing records; communicating information provided in records (a) For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record; (2) create a record that bears the number assigned to the fi…

§ 9—520. Acceptance and refusal to accept record (a) A filing office shall refuse to accept a record for filing for a reason set forth in subsection 9—516(b) of this title and may refuse to accept a record for filing only for a reason set forth in subsection 9—516(b) of this titl…

§ 9—521. Uniform form of written financing statement and amendment (a) A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format except for a reason set forth in subsection 9—516(b) of this title: …

§ 9—522. Maintenance and destruction of records (a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 9—515 of this title with resp…

§ 9—523. Information from filing office; sale or license of records (a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to subdiv…

§ 9—524. Delay by filing office Delay by the filing office beyond a time limit prescribed in this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond co…

§ 9—525. Fees (a) The fee for filing and indexing a record under this article is $45.00. (b) In addition to the fee provided in subsection (a) of this section: (1) the fee for filing and indexing an initial financing statement of the kind described in subsection 9-502(c) of this …

§ 9—526. Filing office rules (a) The Secretary of State shall adopt and publish rules to implement this article. The filing office rules must be: (1) consistent with this article; and (2) adopted and published in accordance with 3 V.S.A. § 801. (b) To keep the filing office rules…

§ 9—601. Rights after default; judicial enforcement; consignor or buyer of accounts; chattel paper, payment intangibles, or promissory notes (a) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9—602 of this title, t…

§ 9—602. Waiver and variance of rights and duties Except as otherwise provided in section 9—624 of this title, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the foll…

§ 9—603. Agreement on standards concerning rights and duties (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9—602 of this title if the standar…

§ 9—604. Procedure if security agreement covers real property or fixtures (a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under this part as to the personal property without prejudicing any rights with respect to the real prope…

§ 9—605. Unknown debtor or secondary obligor (a) Except as provided in subsection (b) of this section, a secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a d…

§ 9—606. Time of default for agricultural lien For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. (Added 1999, No. 106 (A…

§ 9—607. Collection and enforcement by secured party (a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured pa…

§ 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…