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. § 2201)
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§ 2201. Mortgage of property by fiduciary; motion; order; license
(a) On motion and with the written consent of the interested persons, or after hearing,
the Probate Division of the Superior Court may authorize a fiduciary to mortgage any
of the real estate or to mortgage, pledge, or assign any of the personalty of the
estate for the benefit of the estate. The court may authorize a fiduciary to enter
into an agreement for the extension or renewal of an existing mortgage or lien or
of any other mortgage, lien, pledge, or assignment created under the provisions of
this chapter.
(b) A motion filed under this section shall describe the property to be mortgaged, pledged,
or assigned and shall include the purpose of the obligation, the limits of the principal
amount, the interest rate, and the term of the note to be secured by the mortgage.
A license issued by the Probate Division pursuant to this section shall fix the terms
and conditions under which the property may be mortgaged, pledged, or assigned. The
court may order all or any part of the obligation secured by the mortgage to be paid
from time to time out of the income of the property mortgaged. A certified copy of
the license shall be recorded in the office where the mortgage is recorded. (Amended 1985, No. 144 (Adj. Sess.), § 96; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 14.)