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Terms Used In Vermont Statutes Title 9 Sec. 9-309

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
  • Statute: A law passed by a legislature.

§ 9—309. Security interest perfected upon attachment

The following security interests are perfected when they attach:

(1) a purchase-money security interest in consumer goods, except as otherwise provided in subsection 9—311(b) of this title with respect to consumer goods that are subject to a statute or treaty described in subsection 9—311(a) of this title;

(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor’s outstanding accounts or payment intangibles;

(3) a sale of a payment intangible;

(4) a sale of a promissory note;

(5) a security interest created by the assignment of a health care-insurance receivable to the provider of the health care goods or services;

(6) a security interest arising under section 2—401, or 2—505 of this title, or subsection 2—711(3), or 2A—508(5) of this title, until the debtor obtains possession of the collateral;

(7) a security interest of a collecting bank arising under section 4—210 of this title;

(8) a security interest of an issuer or nominated person arising under section 5—118 of this title;

(9) a security interest arising in the delivery of a financial asset under subsection 9—206(c) of this title;

(10) a security interest in investment property created by a broker or securities intermediary;

(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;

(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and

(13) a security interest created by an assignment of a beneficial interest in a decedent‘s estate. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)