reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—405. Modification of assigned contract

§ 9—405. Modification of assigned contract
(a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d) of this section.
(b) Subsection (a) of this section applies to the extent that:
(1) the right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
(2) the right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under subsection 9—406(a) of this title.
(c) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d) This section does not apply to an assignment of a health care insurance receivable. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest

§ 9—407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest
(a) Except as otherwise provided in subsection (b) of this section, a term in a lease agreement is ineffective to the extent that it:
(1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor’s residual interest in the goods; or
(2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b) Except as otherwise provided in subsection 2A—303(7) of this title, a term described in subdivision (a)(2) of this section is effective to the extent that there is:
(1) a transfer by the lessee of the lessee’s right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c) The creation, attachment, perfection, or enforcement of a security interest in the lessor’s interest under the lease contract or the lessor’s residual interest in the goods is not a transfer that materially impairs the lessee’s prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of subsection 2A—303(4) of this title unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the seller. Even in that event, the creation, attachment, perfection, and enforcement of the security interest remain effective. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—409. Restrictions on assignment of letter-of-credit rights ineffective

§ 9—409. Restrictions on assignment of letter-of-credit rights ineffective
(a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary’s assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom, or practice:
(1) would impair the creation, attachment, or perfection of a security interest in the letter-of-credit right; or
(2) provides that the assignment or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(b) To the extent that a term in a letter of credit is ineffective under subsection (a) of this section but would be effective under law other than this article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter-of-credit right:
(1) is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary;
(2) imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary; and
(3) does not require the applicant, issuer, nominated person, or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—501. Filing office

§ 9—501. Filing office
(a) Except as otherwise provided in subsection (b) of this section, if the local law of this State governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1) the office designated for the recording of a record of a mortgage on the related real property, if:
(A) the collateral is as-extracted collateral or timber to be cut; or
(B) the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(2) the Office of the Secretary of State, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the Office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement

§ 9—502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
(a) Subject to subsection (b) of this section, a financing statement is sufficient only if it:
(1) provides the name of the debtor;
(2) provides the name of the secured party or a representative of the secured party; and
(3) indicates the collateral covered by the financing statement.
(b) Except as otherwise provided in subsection 9—501(b) of this title, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) of this section and also:
(1) indicate that it covers this type of collateral;
(2) indicate that it is to be filed for record in the real property records;
(3) provide a legally sufficient description of the real property to which the collateral is related; and
(4) if the debtor does not have an interest of record in the real property, provide the name of a record owner.
(c) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(1) the record indicates the goods or accounts that it covers;
(2) the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(3) the record complies with the requirements for a financing statement in this section, but:
(A) the record need not indicate that it is to be filed in the real property records; and
(B) the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom subdivision 9—503(a)(4) of this title applies; and
(4) the record is recorded.
(d) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. (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—504. Indication of collateral

§ 9—504. Indication of collateral
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) a description of the collateral pursuant to section 9—108 of this title; or
(2) an indication that the financing statement covers all assets or all personal property. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions

§ 9—505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
(a) A consignor, lessor, or other bailor of goods or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in subsection 9—311(a) of this title, using the terms “consignor”, “consignee”, “lessor”, “lessee”, “bailor”, “bailee”, “owner”, “registered owner”, “buyer”, “seller”, or words of similar import, instead of the terms “secured party” and “debtor”.
(b) This part applies to the filing of a financing statement under subsection (a) of this section and, as appropriate, to compliance that is equivalent to filing a financing statement under subsection 9—311(b) of this title, but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—506. Effect of errors or omissions

§ 9—506. Effect of errors or omissions
(a) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b) Except as otherwise provided in subsection (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with subsection 9—503(a) of this title is seriously misleading.
(c) If a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with subsection 9—503(a) of this title, the name provided does not make the financing statement seriously misleading.
(d) For purposes of subsection 9—508(b) of this title, the “debtor’s correct name” in subsection (c) of this section means the correct name of the new debtor. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—507. Effect of certain events on effectiveness of financing statement

§ 9—507. Effect of certain events on effectiveness of financing statement
(a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b) Except as otherwise provided in subsection (c) of this section and section 9—508 of this title, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9—506 of this title.
*(c) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under subsection 9—503(a) of this title so that the financing statement becomes seriously misleading under section 9—506 of this title:
(1) the financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the financing statement becomes seriously misleading; and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading. (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—508. Effectiveness of financing statement if new debtor becomes bound by security agreement

§ 9—508. Effectiveness of financing statement if new debtor becomes bound by security agreement
(a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b) If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) of this section to be seriously misleading under section 9—506 of this title:
(1) the financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under subsection 9—203(d) of this title; and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under subsection 9—203(d) of this title unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c) This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under subsection 9—507(a) 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—509. Persons entitled to file a record

§ 9—509. Persons entitled to file a record
(a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) the debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c) of this section; or
(2) the person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b) By authenticating a security agreement, a debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1) the collateral described in the security agreement; and
(2) property that becomes collateral under subdivision 9—315(a)(2) of this title, whether or not the security agreement expressly covers proceeds.
(c) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) the secured party of record authorizes the filing; or
(2) the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by subsection 9—513(a) or (c) of this title, the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(d) If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (c) of this section. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2001, No. 46, § 5.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—510. Effectiveness of filed record

§ 9—510. Effectiveness of filed record
(a) A filed record is effective only to the extent that it was filed by a person that may file it under section 9—509 of this title.
(b) A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(c) A continuation statement that is not filed within the six-month period prescribed by subsection 9—515(d) of this title is ineffective. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—511. Secured party of record

§ 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 financing statement is filed under subsection 9—514(a) of this title, the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under subsection 9—514(b) of this title, the assignee named in the amendment is a secured party of record.
(c) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—512. Amendment of financing statement

§ 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 financing statement by filing an amendment that:
(1) identifies, by its file number, the initial financing statement to which the amendment relates; and
(2) if the amendment relates to an initial financing statement recorded in a filing office described in subdivision 9—501(a)(1) of this title, provides the date that the initial financing statement was recorded and the information specified in subsection 9—502(b) of this title.
(b) Except as otherwise provided in section 9—515 of this title, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(d) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(e) An amendment is ineffective to the extent it:
(1) purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(2) purports to delete all secured parties of record and fails to provide the name of a new secured party of record. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—513. Termination statement

§ 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 collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2) the debtor did not authorize the filing of the initial financing statement.
(b) To comply with subsection (a) of this section, a secured party shall cause the secured party of record to file the termination statement:
(1) within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2) if earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
(c) In cases not governed by subsection (a) of this section, within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(1) except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
(2) the financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
(3) the financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or
(4) the debtor did not authorize the filing of the initial financing statement.
(d) Except as otherwise provided in section 9—510 of this title, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in section 9—510 of this title, for purposes of subsections 9—519(g), 9—522(a), and 9—523(c) of this title, the filing with the filing office of a termination statement, relating to a financing statement that indicates that the debtor is a transmitting utility, also causes the effectiveness of the financing statement to lapse. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2001, No. 46, § 6.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—514. Assignment of powers of secured party of record

§ 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 providing the name and mailing address of the assignee as the name and address of the secured party.
(b) Except as otherwise provided in subsection (c) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(1) identifies, by its file number, the initial financing statement to which it relates;
(2) provides the name of the assignor; and
(3) provides the name and mailing address of the assignee.
(c) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under subsection 9—502(c) of this title may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than 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—515. Duration and effectiveness of financing statement; effect of lapsed financing statement

§ 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.
(b) Except as otherwise provided in subsections (e), (f), and (g) of this section, an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.
(c) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected without filing. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
(d) A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (a) of this section or the 30-year period specified in subsection (b) of this section, whichever is applicable.
(e) Except as otherwise provided in section 9—510 of this title, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (c) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (d) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
(f) If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
(g) A record of a mortgage that is effective as a financing statement filed as a fixture filing under subsection 9—502(c) of this title remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property. (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—517. Effect of indexing errors

§ 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.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—518. Claim concerning inaccurate or wrongfully filed record

§ 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 information statement shall:
(1) identify the record to which it relates by:
(A) the file number assigned to the initial financing statement to which the record relates; and
(B) if the correction statement relates to a record filed recorded in a filing office described in subdivision 9—501(a)(1) of this title, the date that the initial financing statement was filed or recorded, and the information specified in subsection 9—502(b) of this title;
(2) indicate that it is an information statement; and
(3) provide the basis for the person’s belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person’s belief that the record was wrongfully filed.
(c) A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under subsection 9—509(d) of this title.
(d) An information statement under subsection (c) of this section shall:
(1) identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(2) indicate that it is an information statement; and
(3) provide the basis for the person’s belief that the person that filed the record was not entitled to do so under subsection 9—509(d) of this title.
(e) The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record. (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—520. Acceptance and refusal to accept record

§ 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 title.
(b) If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing office rule in no event more than two business days after the filing office receives the record.
(c) A filed financing statement satisfying subsections 9—502(a) and (b) of this title is effective, even if the filing office is required to refuse to accept it for filing under subsection (a) of this section. However, section 9—338 of this title applies to a filed financing statement providing information described in subdivision 9—516(b)(5) of this title which is incorrect at the time the financing statement is filed.
(d) If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtor separately. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—521. Uniform form of written financing statement and amendment

§ 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:
(b) A filing office that accepts written records may not refuse to accept a written record in the following form and format except for a reason set forth in subsection 9—516(b) of this title: (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—522. Maintenance and destruction of records

§ 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 respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(1) if the record was recorded in the filing office described in subdivision 9—501(a)(1) of this title, by using the file number assigned to the initial financing statement to which the record relates and the date that the record was recorded; or
(2) if the record was filed in the filing office described in subdivision 9—501(a)(2) of this title, by using the file number assigned to the initial financing statement to which the record relates.
(b) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with 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—523. Information from filing office; sale or license of records

§ 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 subdivision 9—519(a)(1) of this title and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:
(1) note upon the copy the number assigned to the record pursuant to subdivision 9—519(a)(1) of this title and the date and time of the filing of the record; and
(2) send the copy to the person.
(b) If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides:
(1) the information in the record;
(2) the number assigned to the record pursuant to subdivision 9—519(a)(1) of this title; and
(3) the date and time of the filing of the record.
(c) The filing office shall communicate or otherwise make available in a record the following information to any person that requests it:
(1) whether there is on file on a date and time specified by the filing office, but not a date earlier than three business days before the filing office receives the request, any financing statement that:
(A) designates a particular debtor;
(B) has not lapsed under section 9—515 of this title with respect to all secured parties of record; and
(C) if the request so states, has lapsed under section 9—515 of this title and a record of which is maintained by the filing office under subsection 9—522(a) of this title;
(2) the date and time of filing of each financing statement; and
(3) the information provided in each financing statement.
(d) In complying with its duty under subsection (c) of this section, the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing its written certificate.
(e) The filing office shall perform the acts required by subsections (a) through (d) of this section at the time and in the manner prescribed by filing office rule, but not later than two business days after the filing office receives the request.
(f) At least weekly, the Office of the Secretary of State shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—524. Delay by filing office

§ 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 control of the filing office; and
(2) the filing office exercises reasonable diligence under the circumstances. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—525. Fees

§ 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 title is $25.00;
(2) the fee for filing and indexing a record under this article for a manufactured home, transmitting utility, or public finance transaction is $25.00.
(c) The fee for responding to a request for information from the filing office, including for issuing a certificate showing whether there is on file any financing statement naming a particular debtor is $35.00.
(d) [Repealed.] (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2003, No. 70 (Adj. Sess.), § 9, eff. March 1, 2004; 2007, No. 153 (Adj. Sess.), § 32; amended 2013, No. 72, § 3; 2023, No. 77, § 44, eff. June 20, 2023.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—526. Filing office rules

§ 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 and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the Secretary of State, so far as is consistent with the purposes, policies, and provisions of this article, in adopting, amending, and repealing filing office rules, shall:
(1) consult with filing offices in other jurisdictions that enact substantially this part; and
(2) consult the most recent version of the model rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(3) take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—601. Rights after default; judicial enforcement; consignor or buyer accounts; chattel paper, payment intangibles, or promissory notes

§ 9—601. Rights after default; judicial enforcement; consignor or buyer 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, those provided by agreement of the parties. A secured party:
(1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) if the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) A secured party in possession of collateral or control of collateral under section 7—106, 9—104, 9—105, 9—106, or 9—107 of this title has the rights and duties provided in section 9—207 of this title.
(c) The rights under subsections (a) and (b) of this section are cumulative and may be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) of this section and section 9—605 of this title, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1) the date of perfection of the security interest or agricultural lien in the collateral;
(2) the date of filing a financing statement covering the collateral; or
(3) any date specified in a statute under which the agricultural lien was created.
(f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this article.
(g) Except as otherwise provided in subsection 9—607(c) of this title, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2015, No. 51, § B.9, eff. June 3, 2015.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—602. Waiver and variance of rights and duties

§ 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 following listed sections:
(1) subdivision 9—207(b)(4)(C) of this title, which deals with use and operation of the collateral by the secured party;
(2) section 9—210 of this title, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) subsection 9—607(c) of this title, which deals with collection and enforcement of collateral;
(4) subsections 9—608(a) and 9—615(c) of this title to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) subsections 9—608(a) and 9—615(d) of this title to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) section 9—609 of this title to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7) subsection 9—610(b) of this title, and sections 9—611, 9—613, and 9—614 of this title, which deal with disposition of collateral;
(8) subsection 9—615(f) of this title, which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9) section 9—616 of this title, which deals with explanation of the calculation of a surplus or deficiency;
(10) sections 9—620, 9—621, and 9—622 of this title, which deal with acceptance of collateral in satisfaction of obligation;
(11) section 9—623 of this title, which deals with redemption of collateral;
(12) section 9—624 of this title, which deals with permissible waivers; and
(13) sections 9—625 and 9—626 of this title, which deal with the secured party’s liability for failure to comply with 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—603. Agreement on standards concerning rights and duties

§ 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 standards are not manifestly unreasonable.
(b) Subsection (a) of this section does not apply to the duty under section 9—609 of this title to refrain from breaching the peace. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—604. Procedure if security agreement covers real property or fixtures

§ 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 property; or
(2) as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(b) Subject to subsection (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1) under this part; or
(2) in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c) Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—605. Unknown debtor or secondary obligor

§ 9—605. Unknown debtor or secondary obligor
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 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
2023 Vermont Statutes › Title 9A - Uniform Commercial Code › Article 9 - Secured Transactions › § 9—606. Time of default for agricultural lien

§ 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 (Adj. Sess.), § 2, eff. July 1, 2001.)