Terms Used In Vermont Statutes Title 9 Sec. 102

  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

§ 102. Co-signer’s notice

If a lender requires the signature of an obligor jointly and severally the instrument evidencing the obligation shall contain on its face the following notice, conspicuously placed, in a size equal to at least 10-point bold type:

NOTICE TO CO-SIGNER: YOUR SIGNATURE ON THIS NOTE MEANS THAT YOU ARE EQUALLY LIABLE FOR REPAYMENT OF THIS LOAN. IF THE BORROWER DOES NOT PAY, THE LENDER HAS A LEGAL RIGHT TO COLLECT FROM YOU. (Added 1975, No. 106, § 3.)

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