Vermont § 7080 - Secured creditor’s claims
Full text of Vermont Vermont Statutes Online § 7080 — Secured creditor’s claims, with citation guidance and answers to common questions.
§ 7080. Secured creditor’s claims
- (a) The value of any security held by a secured creditor shall be determined in one of
the following ways, as the court may direct: (1) by converting the same into money according to the terms of the agreement pursuant
to which the security was delivered to such creditors; or (2) by agreement, arbitration, compromise, or litigation between the creditor and the
liquidator. (b) The determination made under subsection (a) of this section shall be under the supervision
and control of the court with due regard for the recommendation of the liquidator.
The amount so determined shall be credited upon the secured claim, and any deficiency
shall be treated as an unsecured claim. If the claimant shall surrender his or her
security to the liquidator, the entire claim shall be allowed as if unsecured. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
Frequently Asked Questions About Vermont § 7080
What does Vermont Statutes Online § 7080 cover?
Section 7080 ("Secured creditor’s claims") 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 § 7080?
A common citation format is "Vermont Statutes Online § 7080" (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 § 7080 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.