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: 14 V.S.A. § 1209)
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§ 1209. Secured claims
Payment of a secured claim is upon the basis of the amount allowed if the creditor
surrenders his or her security; otherwise payment is upon the basis of one of the
following:
(1) if the creditor exhausts his or her security before receiving payment, unless precluded
by other law upon the amount of the claim allowed less the fair value of the security;
or
(2) if the creditor does not have the right to exhaust his or her security or has not
done so, upon the amount of the claim allowed less the value of the security determined
by converting it into money according to the terms of the agreement pursuant to which
the security was delivered to the creditor, or by the creditor and executor or administrator
by agreement, arbitration, compromise, or litigation. (Added 1975, No. 240 (Adj. Sess.), § 7.)