Vermont Statutes Title 27 Sec. 1314
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 27 Sec. 1314
- Apartment: means a part of the property intended for any type of independent use, including commercial uses. See
- 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.
- Site: means the spatial location occupied or to be occupied by a mobile home, including all utilities and amenities appurtenant to the location such as piping, wiring, plants, platforms or supports, lights, walls, and other improvements but not including the land on which the site is located. See
§ 1314. Blanket mortgages and other blanket liens affecting an apartment or site at time of first conveyance
At the time of the first conveyance of each apartment or site, every mortgage and other lien affecting the apartment or site, including the percentage of undivided interest of the apartment or site in the common areas and facilities, shall be paid and satisfied of record, or the apartment or site being conveyed and its percentage of undivided interest in the common areas and facilities shall be released therefrom by partial release duly recorded. (Added 1967, No. 228 (Adj. Sess.), § 14, eff. Jan. 23, 1968; amended 1993, No. 97, § 2.)