Vermont Statutes Title 24 Sec. 2806
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Terms Used In Vermont Statutes Title 24 Sec. 2806
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
§ 2806. Condemned land; notice to mortgagee; application of payment
When such lands are encumbered by mortgage, such municipality shall cause the same notice to be given to the mortgagee or assignee thereof as is required to be given to the owner, and the damages agreed upon or otherwise determined, as finally ascertained, shall be paid to the mortgagee or assignee. However, if the sum due on the mortgage is less than the damages awarded, the amount due on the mortgage shall be paid to the holder and the balance to the owner. (Amended 2017, No. 74, § 103.)