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. § 9-338)
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§ 9—338. Priority of security interest or agricultural lien perfected by filed financing statement
providing certain incorrect information
If a security interest or agricultural lien is perfected by a filed financing statement
providing information described in subdivision 9-516(b)(5) of this title which is incorrect at the time the financing statement is filed:
(1) the security interest or agricultural lien is subordinate to a conflicting perfected
security interest in the collateral to the extent that the holder of the conflicting
security interest gives value in reasonable reliance upon the incorrect information;
and
(2) a purchaser, other than a secured party, of the collateral takes free of the security
interest or agricultural lien to the extent that, in reasonable reliance upon the
incorrect information, the purchaser gives value and, in the case of tangible chattel
paper, tangible documents, goods, instruments, or a security certificate, receives
delivery of the collateral. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2015, No. 51, § B.9, eff. June 3, 2015.)