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
005
:
PERSONAL PROPERTY SUBJECT TO MORTGAGE, PLEDGE, OR LIEN; ATTACHMENT, LEVY OF EXECUTION, AND SALE
(Cite as: 12 V.S.A. § 3358)
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§ 3358. Subrogation of purchaser
When a mortgagor, pledgor, or conditional vendee of property sold on execution under
the provisions of this subchapter fails or refuses to discharge such lien after it
becomes due and payable, and within 10 days after written notice so to do is served
upon him or her by the purchaser of the whole or part thereof, the person so purchasing
may tender and pay to the holder of such mortgage, pledge, or lien, or the conditional
vendor, the amount due such creditor upon the whole of such property. Upon such tender
or payment, such purchaser shall be subrogated to all the rights of such original
mortgagee, pledgee, or conditional vendor, and may hold the same as security for the
amount so paid in discharge of such original claim, together with the sum paid by
him or her on the execution sale, with interest upon such sums. He or she shall have
the same benefit of foreclosure, sale, and disposition of such property that the original
mortgagee, pledgee, or conditional vendor would have had under his or her claim.