Vermont § 308 - § 3—308.

§ 308. § 3—308.

• Proof of signatures and status as holder in due course (a) In an action with respect to an instrument, the authenticity of, and authority to
  make, each signature on the instrument is admitted unless specifically denied in the
  pleadings. If the validity of a signature is denied in the pleadings, the burden of
  establishing validity is on the person claiming validity, but the signature is presumed
  to be authentic and authorized unless the action is to enforce the liability of the
  purported signer and the signer is dead or incompetent at the time of trial of the
  issue of validity of the signature. If an action to enforce the instrument is brought
  against a person as the undisclosed principal of a person who signed the instrument
  as a party to the instrument, the plaintiff has the burden of establishing that the
  defendant is liable on the instrument as a represented person under section 3—402(a) of this title. (b) If the validity of signatures is admitted or proved and there is compliance with subsection
  (a) of this section, a plaintiff producing the instrument is entitled to payment if
  the plaintiff proves entitlement to enforce the instrument under section 3—301 of this title, unless the defendant proves a defense or claim in recoupment. If a defense or claim
  in recoupment is proved, the right to payment of the plaintiff is subject to the defense
  or claim, except to the extent the plaintiff proves that the plaintiff has rights
  of a holder in due course which are not subject to the defense or claim. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)