Vermont Statutes Title 14 Sec. 1662
Terms Used In Vermont Statutes Title 14 Sec. 1662
- Decedent: A deceased person.
- Devise: To gift property by will.
- Executor: A male person named in a will to carry out the decedent
- Executor: includes administrator with the will annexed. See
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal estate: shall include all property other than real estate. See
§ 1662. Sale of encumbered property of deceased; disposition of surplus
When the executor or administrator is licensed to sell real or personal estate of the decedent that is subject to any mortgage or other lien, the net sale proceeds shall be first applied to the payment of the secured debt. If the property sold is subject to a devise under the will of the decedent, any surplus sale proceeds shall be distributed to the devisee of the property. If the property sold is not subject to a devise under the will of the decedent, any surplus sale proceeds shall be administered by the executor or administrator as property of the estate. (Amended 1985, No. 144 (Adj. Sess.), § 81; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 9.)