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Terms Used In Vermont Statutes Title 12 Sec. 3356

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Personal property: All property that is not real property.

§ 3356. Subrogation of creditor by payment

When such creditor pays or tenders such debt to the mortgagee, pledgee, or holder of such lien, as provided in sections 3353-3355 of this title, he or she shall be subrogated to all the rights of such mortgagee, pledgee, or holder, and may cause the same to be sold in the same manner that unencumbered personal property may be sold on mesne or final process; and the proceeds of such sale shall be applied first, in payment of the sum paid by such creditor to such mortgagee, pledgee, or holder and second, to satisfy the execution.