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2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—607. Collection and enforcement by secured party

§ 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 party;
(2) may take any proceeds to which the secured party is entitled under section 9—315 of this title;
(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under subdivision 9—104(a)(1) of this title, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account perfected by control under subdivision 9—104(a)(2) or (3) of this title, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b) If necessary to enable a secured party to exercise subdivision (a)(3) of this section the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2) the secured party’s sworn affidavit in recordable form stating that:
(A) a default has occurred with respect to the obligation secured by the mortgage; and
(B) the secured party is entitled to enforce the mortgage nonjudicially.
(c) A secured party shall proceed in a commercially reasonable manner if the secured party:
(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d) A secured party may deduct from the collections made pursuant to subsection (c) of this section reasonable expenses of collection and enforcement, including reasonable attorney’s fees and legal expenses incurred by the secured party.
(e) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

§ 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 application the cash proceeds of collection or enforcement under section 9—607 of this title in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney’s fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder’s demand under subdivision (1)(C) of this subsection.
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under section 9—607 of this title unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2001, No. 46, § 7.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—609. Secured party’s right to take possession after default

§ 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.
(b) A secured party may proceed under subsection (a) of this section:
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—610. Disposition of collateral after default

§ 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 disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under subsection (d) of this section:
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e) of this section if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition” or uses words of similar import. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—611. Notification before disposition of collateral

§ 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.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—612. Timeliness of notification before disposition of collateral

§ 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 notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—613. Contents and form of notification before disposition of collateral: general

§ 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 ].
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—708. Persons entitled to file initial financing statement or continuation statement

§ 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 this part:
(A) to continue the effectiveness of a financing statement filed before July 1, 2001; or
(B) to perfect or continue the perfection of a security interest. (Added 2001, No. 46, § 12.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—709. Priority

§ 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 on and after July 1, 2001 determine priority.
(b) For purposes of subsection 9—322(a) of this title as in effect on and after July 1, 2001, the priority of a security interest that becomes a perfected security interest under section 9—704 of this title as in effect on and after July 1, 2001 dates from the time the applicable requirements for perfection are satisfied. This subsection does not apply to conflicting security interests, each of which becomes a perfected security interest under section 9—704 of this title as in effect on and after July 1, 2001.
(c) For purposes of subsection 9—322(a) of this title as in effect on and after July 1, 2001, the priority of a security interest that becomes enforceable under section 9—203 of this title as in effect on and after July 1, 2001 dates from July 1, 2001 if the security interest is perfected under the provisions of this article as in effect on and after July 1, 2001 by the filing of a financing statement before July 1, 2001 which would not have been effective to perfect the security interest under the provisions of this article as in effect prior to July 1, 2001. This subsection does not apply to conflicting security interests, each of which is perfected by the filing of such a financing statement. (Added 2001, No. 46, § 12.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—801. Effective date

§ 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 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—802. Savings clause

§ 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 an action, case, or proceeding commenced before the Act takes effect. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—803. Security interest perfected before effective date

§ 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, the applicable requirements for attachment and perfection under Article 9 of this title, as amended by the Act, are satisfied without further action.
(b) Except as otherwise provided in section 9-805 of this title, if, immediately before the Act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Article 9 of this title, as amended by the Act, are not satisfied when the Act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Article 9 of this title, as amended by the Act, are satisfied within one year after the Act takes effect. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—804. Security interest unperfected before effective date

§ 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 requirements for perfection under Article 9 of this title, as amended by the Act, are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—806. When an initial financing statement suffices to continue effectiveness of a financing statement

§ 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 Act takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under Article 9 of this title, as amended by the Act;
(2) the pre-effective-date financing statement was filed in an office in another state; and
(3) the initial financing statement satisfies subsection (c) of this section.
(b) The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before the Act takes effect, for the period provided in section 9—515 of this title, as it existed before the Act took effect, with respect to an initial financing statement; and
(2) if the initial financing statement is filed after the Act takes effect, for the period provided in section 9—515 of this title, as amended by the Act, with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a) of this section, an initial financing statement shall:
(1) satisfy the requirements of Article 9, Part 5 of this title, as amended by the Act, for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and provide 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 pre-effective-date financing statement remains effective. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—807. Amendment of pre-effective-date financing statement

§ 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 terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Article 9 of this title, as amended by the Act. However, the effectiveness of a pre-effective-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 pre effective date financing statement may be amended after the Act takes effect only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in section 9—501 of this title;
(2) an amendment is filed in the office specified in section 9—501 of this title concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection 9—806(c) of this title; or
(3) an initial financing statement that provides the information as amended and satisfies subsection 9—806(c) of this title is filed in the office specified in section 9—501 of this title.
(d) If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under subsections 9—805(c) and (e) or section 9—806 of this title.
(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after the Act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies subsection 9—806(c) of this title has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Article 9 of this title, as amended by the Act, as the office in which to file a financing statement. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—808. Person entitled to file initial financing statement or continuation statement

§ 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 filing is necessary under this section:
(A) to continue the effectiveness of a financing statement filed before the Act takes effect; or
(B) to perfect or continue the perfection of a security interest. (Added 2013, No. 157 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—809. Priority

§ 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 2013, No. 157 (Adj. Sess.), § 1.)