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: 23 V.S.A. § 3826)
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§ 3826. Release of security interest
(a) Upon the satisfaction of a security interest in a vessel, snowmobile, or all-terrain
vehicle for which the certificate of title is in the possession of the lienholder,
he or she shall, within 10 days after demand and, in any event, within 30 days, execute
a release of his or her security interest, in the space provided on the certificate
or as the Commissioner prescribes, and mail or deliver the certificate and release
to the next lienholder named, or, if none, to the owner or any person who delivers
to the lienholder an authorization from the owner to receive the certificate. The
owner, other than a dealer holding the vessel, snowmobile, or all-terrain vehicle
for resale, shall promptly cause the certificate and release to be mailed or delivered
to the Commissioner, who shall release the lienholder’s rights on the certificate
or issue a new certificate.
(b) Upon the satisfaction of a security interest in a vessel, snowmobile, or all-terrain
vehicle for which the certificate of title is in the possession of a prior lienholder,
the lienholder whose security interest is satisfied shall within 10 days after demand
and, in any event, within 30 days execute a release in the form the Commissioner prescribes
and deliver the release to the owner or any person who delivers to the lienholder
an authorization from the owner to receive it. The lienholder in possession of the
certificate of title shall either deliver the certificate to the owner, or the person
authorized by him or her, for delivery to the Commissioner or, upon receipt of the
release, mail or deliver it with the certificate to the Commissioner, who shall release
the subordinate lienholder’s rights on the certificate or issue a new certificate. (Added 1987, No. 152 (Adj. Sess.), § 1; amended 2001, No. 107 (Adj. Sess.), § 22.)