reglab/housing_qa huggingface dataset:
9 V.S.A. § 9-617
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-617. Rights of transferee of collateral

§ 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) discharges any subordinate security interest or other subordinate lien.   (b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this article or the requirements of any judicial proceeding.(c) If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:  (1) the debtor's rights in the collateral; (2) the security interest or agricultural lien under which the disposition is made; and (3) any security interest or other lien. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-618
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-618. Rights and duties of certain secondary obligors

§ 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) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (3) is subrogated to the rights of a secured party with respect to collateral.   (b) An assignment, transfer, or subrogation described in subsection (a) of this section:  (1) is not a disposition of collateral under section 9- 610 of this title; and (2) relieves the secured party of further duties under this article. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-619
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-619. Transfer of record or legal title

§ 9-619. Transfer of record or legal title|(a) In this section, "transfer statement" means a record authenticated 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 post-default remedies with respect to the collateral; (3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and (4) the name and mailing address of the secured party, debtor, and transferee.   (b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:  (1) accept the transfer statement; (2) promptly amend its records to reflect the transfer; and (3) if applicable, issue a new appropriate certificate of title in the name of the transferee.   (c) A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-621
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-621. Notification of proposal to accept collateral

§ 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 consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; (2) any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:  (A) identified the collateral; (B) was indexed under the debtor's name as of that date; and (C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and  (3) any other secured party that, 10 days before the debtor consented to the acceptance, 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.   (b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-622
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-622. Effect of acceptance of collateral

§ 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 rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest.   (b) A subordinate interest is discharged or terminated under subsection (a) of this section, whether or not the secured party sends or is required to send its proposal to the holder of the interest. However, any person to which the secured party was required to send, but did not send, its proposal has the remedy provided by subsection 9- 625(b) of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-623
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-623. Right to redeem collateral

§ 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 and attorney's fees described in subdivision 9- 615(a)(1) of this title.   (c) A redemption may occur at any time before a secured party:  (1) has collected collateral under section 9- 607 of this title; (2) has disposed of collateral or entered into a contract for its disposition under section 9- 610 of this title; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under section 9- 622 of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-624
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-624. Waiver

§ 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 authenticated after default.(b) A debtor may waive the right to require disposition of collateral under subsection 9- 620(e) of this title only by an agreement to that effect entered into and authenticated after default.(c) Except in a consumer goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 9- 623 of this title only by an agreement to that effect entered into and authenticated after default. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-626
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-626. Action in which deficiency or surplus is in issue

§ 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 provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue. (2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part. (3) Except as otherwise provided in section 9- 628 of this title, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:  (A) the proceeds of the collection, enforcement, disposition, or acceptance; or (B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.  (4) For purposes of subdivision (3)(B) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum. (5) If a deficiency or surplus is calculated under subsection 9- 615(f) of this title, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.   (b) The limitation of the rules in subsection (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-627
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-627. Determination of whether conduct was commercially reasonable

§ 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 of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:  (1) in the usual manner on any recognized market; (2) at the price current in any recognized market at the time of the disposition; or (3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.   (c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:  (1) in a judicial proceeding; (2) by a bona fide creditors' committee; (3) by a representative of creditors; or (4) by an assignee for the benefit of creditors.   (d) Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-628
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor

§ 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor|(a) 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 the person:  (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article; and (2) the secured party's failure to comply with this article does not affect the liability of the person for a deficiency.   (b) A secured party is not liable because of 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 debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or  (2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:  (A) that the person is a debtor; and (B) the identity of the person.    (c) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:  (1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or (2) an obligor's representation concerning the purpose for which a secured obligation was incurred.   (d) A secured party is not liable to any person under subdivision 9- 625(c)(2) of this title for its failure to comply with section 9- 616 of this title.(e) A secured party is not liable under subdivision 9- 625(c)(2) of this title more than once with respect to any one secured obligation. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
9 V.S.A. § 9-701
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-701. Effective date

§ 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 V.S.A. § 9-702
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-702. Savings clause

§ 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, 2001.(b) Except as otherwise provided in subsection (c) of this section and sections 9- 703 through 9- 709 of this title as they exist subsequent to July 1, 2001:  (1) transactions and liens that were not governed by the provisions of this title as they existed prior to July 1, 2001, were validly entered into or created before July 1, 2001, and would be subject to the provisions of this article which take effect on July 1, 2001 if they had been entered into or created on or after July 1, 200l, and the rights, duties, and interests flowing from those transactions and liens remain valid on and after July 1, 2001; and (2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by the provisions of this article as in effect on and after July 1, 2001, or by the law that otherwise would apply if those provisions had not taken effect.   (c) The provisions of this article as in effect on and after July 1, 2001, do not affect an action, case, or proceeding commenced before July 1, 2001. (Added 2001, No. 46, § 12.)
9 V.S.A. § 9-703
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-703. Security interest perfected before effective date

§ 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 article as in effect on and after July 1, 2001, if, on July 1, 2001, the applicable requirements for enforceability and perfection under this article as in effect on and after July 1, 2001, are satisfied without further action.(b) Except as otherwise provided in section 9- 705 of this title, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under the provisions of this article as in effect on and after July 1, 2001, are not satisfied when such provisions take effect, the security interest:  (1) is a perfected security interest until June 30, 2002; (2) remains enforceable thereafter only if the security interest becomes enforceable under section 9- 203 of this title as in effect on and after July 1, 2001, on or before the date set forth in subdivision (1) of this subsection; and (3) remains perfected thereafter only if the applicable requirements for perfection under this article as in effect on and after July 1, 2001, are satisfied before July 1, 2002. (Added 2001, No. 46, § 12.)
9 V.S.A. § 9-704
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-704. Security interest unperfected before effective date

§ 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 June 30, 2002; (2) remains enforceable thereafter if the security interest becomes enforceable under the provisions of section 9- 203 of this title as in effect on and after July 1, 2001, either on July 1, 2001, at any time thereafter through and including June 30, 2002; and (3) becomes perfected:  (A) without further action, on July 1, 2001 if the applicable requirements for perfection under the provisions of this article as in effect on and after July 1, 2001, are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. (Added 2001, No. 46, § 12.)
9 V.S.A. § 9-706
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-706. When initial financing statement suffices as continuation statement

§ 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 before July 1, 2001 for the period provided in section 9- 515 of this title as in effect on and after July 1, 2001, with respect to an initial financing statement if:  (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under the provisions of this article as in effect on and after July 1, 2001; (2) the preeffective-date financing statement was filed in an office in another state or another office in this state; and (3) the initial financing statement satisfies subsection (c) of this section.   (b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the preffective-date financing statement:  (1) if the initial financing statement is filed before July 1, 2001, for the period provided in section 9- 403 of this title as in effect prior to July 1, 2001, with respect to a financing statement; and (2) if the financing statement is filed after July 1, 2001, for the period provided in section 9- 515 of this title as in effect on and after July 1, 2001, with respect to an initial financing statement.   (c) Requirements for initial financing statement under subsection (a) of this section. To be effective for purposes of subsection (a) of this section, an initial financing statement must:  (1) satisfy the requirements of Part 5 of this article for an initial financing statement; (2) identify the preeffective-date financing statement by indicating the office in which the financing statement was filed, and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and (3) indicate that the preeffective-date financing statement remains effective. (Added 2001, No. 46, § 12.)
9 V.S.A. § 9-707
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 9 - Secured Transactions|§ 9-707. Amendment of preeffective-date financing statement

§ 9-707. Amendment of preeffective-date financing statement|(a) In this section and in section 9- 706 of this title, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.(b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this article on and after July 1, 2001. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.(c) Except as otherwise provided in subsection (d) of this section, if the law of this State governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after July 1, 2001 only if:  (1) the preeffective-date financing statement and an amendment are filed in the office specified in section 9- 501 of this title as in effect on and after July 1, 2001; (2) an amendment is filed in the office specified in section 9- 501 of this title as in effect on and after July 1, 2001 concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection 9- 706(b) of this title; or (3) an initial financing statement that provides the information as amended, and satisfies subsection 9- 706(b) of this title, is filed in the office specified in section 9- 501 of this title as in effect on and after July 1, 2001.   (d) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under subsections 9- 705(d) and (f) or 9- 706 of this title.(e) Whether or not the law of this section governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this State may be terminated after July 1, 2001 by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies subsection 9- 706(b) of this title has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article as in effect on and after July 1, 2001, as the office in which to file a financing statement. (Added 2001, No. 46, § 12.)