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
003
:
FORMAL PROCEEDINGS
(Cite as: 8 V.S.A. § 7080)
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§ 7080. Secured creditor’s claims
(a) The value of any security held by a secured creditor shall be determined in one of
the following ways, as the court may direct:
(1) by converting the same into money according to the terms of the agreement pursuant
to which the security was delivered to such creditors; or
(2) by agreement, arbitration, compromise, or litigation between the creditor and the
liquidator.
(b) The determination made under subsection (a) of this section shall be under the supervision
and control of the court with due regard for the recommendation of the liquidator.
The amount so determined shall be credited upon the secured claim, and any deficiency
shall be treated as an unsecured claim. If the claimant shall surrender his or her
security to the liquidator, the entire claim shall be allowed as if unsecured. (Added 1991, No. 45, § 2, eff. May 29, 1991.)