Vermont § 621 - § 9—621.

§ 621. § 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, a signed 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; amended 2025, No. 17, § 9, eff. July 1, 2025.)