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.
Subchapter
004
:
MORTGAGES
(Cite as: 27 V.S.A. § 470)
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§ 470. Validation of mortgage discharge on one- to four-family residential property
(a) Subject to the provisions of subsection (b) of this section, a mortgage discharge
executed on behalf of a banking or lending institution with respect to a mortgage
encumbering a one- to four-family residential real property, including a residential
unit in a condominium or in a common interest community as defined in Title 27A, that
is not valid because it is not executed by or is not issued by or in the name of the
record holder of the mortgage shall be valid as if it had been issued or executed
by the record holder of the mortgage if:
(1) no person has within three years after the discharge is recorded brought an action
challenging the validity of the discharge and recorded a copy of the complaint in
the land records of the town where the discharge is recorded; and
(2) an affidavit is recorded that is dated more than three years after the recording date
of the mortgage discharge and contains the following:
(A) a statement that the affiant has been the record owner of the real property described
in the mortgage for at least two years prior to the date of the affidavit;
(B) the recording information for the mortgage, any assignments, and the release;
(C) a statement that, since the date of the recording of the release, the affiant has
received no demand for payment of all or any portion of the debt secured by the mortgage
and has received no notice or communication that would indicate that all or any portion
of the mortgage debt remains due or owing; and
(D) a statement that, to the best of the affiant’s knowledge and belief, the mortgage
has been paid in full.
(b) The provisions of this section shall not apply to any release obtained by fraud or
forgery. (Added 2007, No. 177 (Adj. Sess.), § 4.)