Vermont Statutes Title 9 Sec. 201
Terms Used In Vermont Statutes Title 9 Sec. 201
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Disbursement of the settlement proceeds: means the payment of all proceeds of the transaction by the settlement agent to the persons or accounts designated to receive the proceeds. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Lender: means any person who is in the business of making loans secured by a mortgage on real estate and to whom the debt is initially payable on the face of the loan documents. See
- Loan documents: means the note evidencing the debt due the lender, the mortgage securing the debt due the lender, and any other documents required by the lender to be executed by the borrower as part of the transaction. See
- Loan funds: means the proceeds of the loan to be disbursed by the lender to others at closing. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- Settlement: means the time when the settlement agent has received the loan funds, loan documents, and other documents and funds to carry out the terms of the contract between the parties, and the settlement agent reasonably determines that all conditions of such contracts have been satisfied. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Settlement agent: means the person responsible for conducting the settlement and disbursement of the settlement proceeds, and includes an individual, corporation, partnership, or other entity conducting the settlement and disbursement of the settlement proceeds. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 201. Definitions
As used in this subchapter:
(1) “Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:
(A) cash;
(B) wired funds or electronic transfer;
(C) certified check;
(D) checks issued by a governmental entity or instrumentality;
(E) cashier’s check, teller’s check, or any transfer of funds by check or otherwise that is fully collected and unconditionally available to the settlement agent;
(F) checks or other drafts issued by a state-chartered or federally chartered financial institution; checks or other drafts issued by a state-chartered or federally chartered credit union; and
(G) checks issued by an insurance company licensed in the State of Vermont.
(2) “Disbursement of the settlement proceeds” means the payment of all proceeds of the transaction by the settlement agent to the persons or accounts designated to receive the proceeds.
(3) “Lender” means any person who is in the business of making loans secured by a mortgage on real estate and to whom the debt is initially payable on the face of the loan documents.
(4) “Loan closing” means the time a borrower executes any loan document or becomes contractually obligated on a credit transaction, whichever occurs sooner.
(5) “Loan documents” means the note evidencing the debt due the lender, the mortgage securing the debt due the lender, and any other documents required by the lender to be executed by the borrower as part of the transaction.
(6) “Loan funds” means the proceeds of the loan to be disbursed by the lender to others at closing.
(7) “Settlement” means the time when the settlement agent has received the loan funds, loan documents, and other documents and funds to carry out the terms of the contract between the parties, and the settlement agent reasonably determines that all conditions of such contracts have been satisfied. “Parties,” as used in this subdivision, means the seller, purchaser, borrower, lender, and settlement agent.
(8) “Settlement agent” means the person responsible for conducting the settlement and disbursement of the settlement proceeds, and includes an individual, corporation, partnership, or other entity conducting the settlement and disbursement of the settlement proceeds. The lender may be the settlement agent. (Added 2001, No. 55, § 2.)