Vermont § 10701 - Definitions As used in this subchapter:
Full text of Vermont Vermont Statutes Online § 10701 — Definitions As used in this subchapter:, with citation guidance and answers to common questions.
§ 10701. Definitions As used in this subchapter:
- (1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5)
of this chapter. (2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that: (A) is a loan in which the committed principal amount is secured by a mortgage on residential
property owned by the borrower; (B) is due upon sale of the property securing the loan or upon the death of the last surviving
borrower or upon the borrower terminating use of the real property as a principal
residence or upon the borrower’s default; (C) provides cash advances to the borrower based upon the equity or the value in the borrower’s
owner-occupied principal residence; and (D) requires no payment of principal or interest until the entire loan becomes due and
payable. (Added 2009, No. 53, § 4; amended 2021, No. 105 (Adj
Frequently Asked Questions About Vermont § 10701
What does Vermont Statutes Online § 10701 cover?
Section 10701 ("Definitions As used in this subchapter:") 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 § 10701?
A common citation format is "Vermont Statutes Online § 10701" (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 § 10701 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.