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. § 9-324A)
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§ 9—324A. Priority of production-money security interests and agricultural liens
(a) Except as otherwise provided in subsections (c), (d), and (e) of this section, if
the requirements of subsection (b) of this section are satisfied, a perfected production-money
security interest in production-money crops has priority over a conflicting security
interest in the same crops and, except as otherwise provided in section 9—327 of this title, also has priority in their identifiable proceeds.
(b) A production-money security interest has priority under subsection (a) of this section
if:
(1) the production-money security interest is perfected by filing when the production-money
secured party first gives new value to enable the debtor to produce the crops;
(2) the production-money secured party sends an authenticated notification to the holder
of the conflicting security interest not less than 10 or more than 30 days before
the production-money secured party first gives new value to enable the debtor to produce
the crops if the holder had filed a financing statement covering the crops before
the date of the filing made by the production-money secured party; and
(3) the notification states that the production-money secured party has or expects to
acquire a production-money security interest in the debtor’s crops and provides a
description of the crops.
(c) Except as otherwise provided in subsection (d) or (e) of this section, if more than
one security interest qualifies for priority in the same collateral under subsection
(a) of this section, the security interests rank according to priority in time of
filing under subsection 9—322(a) of this title.
(d) To the extent that a person holding a perfected security interest in production-money
crops that are the subject of a production-money security interest gives new value
to enable the debtor to produce the production-money crops and the value is in fact
used for the production of the production-money crops, the security interests rank
according to priority in time of filing under subsection 9—322(a) of this title.
(e) To the extent that a person holds both an agricultural lien and a production-money
security interest in the same collateral securing the same obligations, the rules
of priority applicable to agricultural liens govern priority. (Added 2025, No. 17, § 9, eff. July 1, 2025.)