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. § 9-103A)
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§ 9—103A. “Production-money crops”; “production-money obligation”; “production-money security
interest”; burden of establishing
(a) A security interest in crops is a production-money security interest to the extent
that the crops are production-money crops.
(b) If the extent to which a security interest is a production-money security interest
depends on the application of a payment to a particular obligation, the payment must
be applied:
(1) in accordance with any reasonable method of application to which the parties agree;
(2) in the absence of the parties’ agreement to a reasonable method, in accordance with
any intention of the obligor manifested at or before the time of payment; or
(3) in the absence of an agreement to a reasonable method and a timely manifestation of
the obligor’s intention, in the following order:
(A) to obligations that are not secured; and
(B) if more than one obligation is secured, to obligations secured by production-money
security interests in the order in which those obligations were incurred.
(c) A production-money security interest does not lose its status as such, even if:
(1) the production-money crops also secure an obligation that is not a production-money
obligation;
(2) collateral that is not production-money crops also secures the production-money obligation;
or
(3) the production-money obligation has been renewed, refinanced, or restructured.
(d) A secured party claiming a production-money security interest has the burden of establishing
the extent to which the security interest is a production-money security interest. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)