Vermont Statutes Title 12 Sec. 4936
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Terms Used In Vermont Statutes Title 12 Sec. 4936
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
§ 4936. Foreclosure of real or personal property
A mortgage or a security agreement constituting a lien on both real and personal property to secure the payment of a debt, whether evidenced by one or more instruments, may be foreclosed in an action under subchapter 2 or 3 of this chapter. (Added 2011, No. 102 (Adj. Sess.), § 1.)