Vermont § 3604 - Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.]
Full text of Vermont Vermont Statutes Online § 3604 — Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.], with citation guidance and answers to common questions.
§ 3604. Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.]
- (a) In all cases of mutual debts or mutual credits between the insurer and another person
in connection with any action or proceeding under this chapter, such credits and debits
shall be set off and the balance only shall be allowed or paid, except as provided
in subsection (b) of this section. Any remaining debit of the insolvent insurer after
offset under this section shall be treated as provided by section 3595 of this title. (b) No offset shall be allowed in favor of any such person where: (1) the obligation of the insurer to such person would not at the date of the entry of
any liquidation order or otherwise entitle him or her to share as a claimant in the
assets of the insurer; (2) the obligation of the insurer to such person was purchased by or transferred to such
person with a view of its being used as an offset; (3) the obligation of such person is to pay an assessment levied against the members of
a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay
a balance upon the subscription to the capital stock of a stock insurer; or (4) the obligation of the person is to pay premiums whether earned or unearned, to the
insurer, unless provided for otherwise in a final order for liquidation issued by
the Commissioner or approved by a court of competent jurisdiction. (Added 1985, No. 145 (Adj. Sess.), § 6.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 3604
What does Vermont Statutes Online § 3604 cover?
Section 3604 ("Offset [Section 3604 repealed by 1991, No. 45, § 3; but see note set out below.]") 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 § 3604?
A common citation format is "Vermont Statutes Online § 3604" (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 § 3604 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.