Vermont Statutes Title 12 Sec. 3362
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Terms Used In Vermont Statutes Title 12 Sec. 3362
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
§ 3362. Mortgagee taking possession; foreclosure of mortgage, pledge, or lien
Sections 3351-3361 of this title shall not be construed so as to prevent or delay a mortgagee or a conditional vendor from taking possession of the secured property at any time for its necessary care and preservation, nor to prevent or delay the due foreclosure of a mortgage, pledge, or lien under the provisions of 9A V.S.A. Article 9. (Amended 1959, No. 262, § 27, eff. June 11, 1959; 1971, No. 185 (Adj. Sess.), § 93, eff. March 29, 1972.)