The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
INVESTMENTS AND LOANS
(Cite as: 8 V.S.A. § 3471)
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§ 3471. Mortgages on real and personal property as liens; priorities
Any mortgages acquired by an insurer on real or personal property so written as to
secure a present debt and any future advances by the mortgagee or an assignee shall
be a lien upon the mortgaged property for the full amount of debt directly created
between the mortgagor and the mortgagee and between the mortgagor and an assignee
of the mortgagee subsequent to assignment, due to the mortgagee or assignee at any
given time provided that if the mortgaged property includes a homestead, the spouse
of the mortgagor must consent in writing to the creation of any subsequent indebtedness.
Any such mortgage may be assigned for the full amount due thereon at the time of such
assignment. A subsequent mortgage on the same premises shall be inferior to the first
mortgage unless the second mortgagee in writing notifies the first mortgagee of the
incidence of his or her mortgage, in which case indebtedness created by the mortgagor
to the first mortgagee subsequent to such notice shall be inferior to the lien of
the second mortgagee. In any conflict with other provisions of Vermont statutes this
section shall control. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 7).)