The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 14 : Decedents Estates and Fiduciary Relations
Chapter 075 : License to Sell and Convey Real and Personal Property
Subchapter 002 : Licenses to Sell-Procedure
(Cite as: 14 V.S.A. § 1662)-
§ 1662. Sale of encumbered property of deceased; disposition of surplus
When the executor or administrator is licensed to sell real or personal estate of the decedent that is subject to any mortgage or other lien, the net sale proceeds shall be first applied to the payment of the secured debt. If the property sold is subject to a devise under the will of the decedent, any surplus sale proceeds shall be distributed to the devisee of the property. If the property sold is not subject to a devise under the will of the decedent, any surplus sale proceeds shall be administered by the executor or administrator as property of the estate. (Amended 1985, No. 144 (Adj. Sess.), § 81; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 9.)
