Vermont § 105 - § 8—105.

§ 105. § 8—105.

• Notice of adverse claim (a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate that there is a significant probability
  that the adverse claim exists and deliberately avoids information that would establish
  the existence of the adverse claim; or (3) the person has a duty, imposed by statute or regulation, to investigate whether an
  adverse claim exists, and the investigation so required would establish the existence
  of the adverse claim. (b) Having knowledge that a financial asset or interest therein is or has been transferred
  by a representative imposes no duty of inquiry into the rightfulness of a transaction
  and is not notice of an adverse claim. However, a person who knows that a representative
  has transferred a financial asset or interest therein in a transaction that is, or
  whose proceeds are being used, for the individual benefit of the representative or
  otherwise in breach of duty has notice of an adverse claim. (c) An act or event that creates a right to immediate performance of the principal obligation
  represented by a security certificate or sets a date on or after which the certificate
  is to be presented or surrendered for redemption or exchange does not itself constitute
  notice of an adverse claim except in the case of a transfer more than: (1) one year after a date set for presentment or surrender for redemption or exchange;
  or (2) six months after a date set for payment of money against presentation or surrender
  of the certificate, if money was available for payment on that date. (d) A purchaser of a certificated security has notice of an adverse claim if the security
  certificate: (1) whether in bearer or registered form, has been indorsed “for collection” or “for surrender”
  or for some other purpose not involving transfer; or (2) is in bearer form and has on it an unambiguous statement that it is the property of
  a person other than the transferor, but the mere writing of a name on the certificate
  is not such a statement. (e) Filing of a financing statement under Article 9 of this title is not notice of an
  adverse claim to a financial asset. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)