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Searching 2021-2022 Session

The Vermont Statutes Online

 

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.)