Vt. Stat. tit. 9A § 9-613

Current through L. 2024, c. 185.

Section 9-613 - Contents and form of notification before disposition of collateral: general

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 secured party;

(B) describes the collateral that is the subject of the intended disposition;

(C) states the method of intended disposition;

(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

(E) states the time and place of a public disposition or the time after which any other disposition is to be made.

(2) Whether the contents of a notification that lacks any of the information specified in subdivision (1) of this section are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in subdivision (1) of this section are sufficient, even if the notification includes:

(A) information not specified by that paragraph; or

(B) minor errors that are not seriously misleading.

(4) A particular phrasing of the notification is not required.

(5) The following form of notification and the form appearing in subdivision 9-614(3) of this title, when completed, each provides sufficient information:

NOTIFICATION OF DISPOSITION OF COLLATERAL

To: [Name of debtor, obligor, or other person to which the notification is sent ]

From: [Name, address, and telephone number of secured party ]

Name of Debtor(s): [Include only if debtor(s) are not an addressee ]

For a public disposition:

We will sell the [describe collateral ] to the highest qualified bidder in public as follows:

Day and Date: _______________

Time: __________________

Place: __________________

For a private disposition:

We will sell the [describe collateral ] privately sometime after [day and date ].

You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell. You may request an accounting by calling us at [telephone number ].

9A V.S.A. § 9-613

Added 1999, No. 106 (Adj. Sess.), § 2, eff. 7/1/2001; amended 2001, No. 46, § 8.