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.
(Cite as: 9A V.S.A. § 9-321)
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§ 9—321. Licensee of general intangible and lessee of goods in ordinary course of business
(a) In this section, “licensee in ordinary course of business” means a person that becomes
a licensee of a general intangible in good faith, without knowledge that the license
violates the rights of another person in the general intangible, and in the ordinary
course from a person in the business of licensing general intangibles of that kind.
A person becomes a licensee in the ordinary course if the license to the person comports
with the usual or customary practices in the kind of business in which the licensor
is engaged or with the licensor’s own usual or customary practices.
(b) A licensee in ordinary course of business takes its rights under the license free
of a security interest in the general intangible created by the licensor, even if
the security interest is perfected and the licensee knows of its existence.
(c) A lessee in ordinary course of business takes its leasehold interest free of a security
interest in the goods created by the lessor, even if the security interest is perfected
and the lessee knows of its existence. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)