Vermont § 1209 - Secured claims Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his or her security; otherwise payment is upon the basis of one of the following:
Full text of Vermont Vermont Statutes Online § 1209 — Secured claims Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his or her security; otherwise payment is upon the basis of one of the following:, with citation guidance and answers to common questions.
§ 1209. Secured claims Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his or her security; otherwise payment is upon the basis of one of the following:
- (1) if the creditor exhausts his or her security before receiving payment, unless precluded
by other law upon the amount of the claim allowed less the fair value of the security;
or (2) if the creditor does not have the right to exhaust his or her security or has not
done so, upon the amount of the claim allowed less the value of the security determined
by converting it into money according to the terms of the agreement pursuant to which
the security was delivered to the creditor, or by the creditor and executor or administrator
by agreement, arbitration, compromise, or litigation. (Added 1975, No. 240 (Adj
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 1209
What does Vermont Statutes Online § 1209 cover?
Section 1209 ("Secured claims Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his or her security; otherwise payment is upon the basis of one of the following:") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1209?
A common citation format is "Vermont Statutes Online § 1209" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1209 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.