Vermont § 926 - Redemption Scrip shall not be issued unless its redemption is secured by: (1) Short-term notes and obligations of towns, cities, or other municipalities lawfully issued to such scrip corporation as hereinafter provided
Full text of Vermont Vermont Statutes Online § 926 — Redemption Scrip shall not be issued unless its redemption is secured by: (1) Short-term notes and obligations of towns, cities, or other municipalities lawfully issued to such scrip corporation as hereinafter provided, with citation guidance and answers to common questions.
§ 926. Redemption Scrip shall not be issued unless its redemption is secured by: (1) Short-term notes and obligations of towns, cities, or other municipalities lawfully issued to such scrip corporation as hereinafter provided
- . Scrip may be issued to
the amount of the face of such notes or obligations, exclusive of interest. (2) The direct obligations of this State or of the United States; and scrip shall not
be issued against the security of such obligations in excess of 75 percent of the
face thereof or the market value thereof, whichever is the lesser. (3) Deposits in banks having their principal place of business within this State and approved
by the Commissioner. Scrip may not be issued against the security of such deposits
to an amount in excess of one-third of the principal of such deposits assigned to
the scrip corporation. The Commissioner may adopt rules limiting the percentage and
maximum amount and providing for the minimum amounts exceeding the usual percentage
of any single bank deposit which may be so assigned as security. Such amount and percentages
may be varied with respect to the class of deposits, whether savings or commercial
or on certificate of deposit, and also with respect to the amount of such deposits. (Amended 2015, No. 23, § 102.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 926
What does Vermont Statutes Online § 926 cover?
Section 926 ("Redemption Scrip shall not be issued unless its redemption is secured by: (1) Short-term notes and obligations of towns, cities, or other municipalities lawfully issued to such scrip corporation as hereinafter provided") 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 § 926?
A common citation format is "Vermont Statutes Online § 926" (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 § 926 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.