Vermont Statutes Title 27 Sec. 470
Terms Used In Vermont Statutes Title 27 Sec. 470
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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 property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 470. Validation of mortgage discharge on one- to four-family residential property
(a) Subject to the provisions of subsection (b) of this section, a mortgage discharge executed on behalf of a banking or lending institution with respect to a mortgage encumbering a one- to four-family residential real property, including a residential unit in a condominium or in a common interest community as defined in Title 27A, that is not valid because it is not executed by or is not issued by or in the name of the record holder of the mortgage, shall be valid as if it had been issued or executed by the record holder of the mortgage if:
(1) No person has within three years after the discharge is recorded brought an action challenging the validity of the discharge and recorded a copy of the complaint in the land records of the town where the discharge is recorded; and
(2) An affidavit is recorded that is dated more than three years after the recording date of the mortgage discharge and contains the following:
(A) A statement that the affiant has been the record owner of the real property described in the mortgage for at least two years prior to the date of the affidavit.
(B) The recording information for the mortgage, any assignments, and the release.
(C) A statement that, since the date of the recording of the release, the affiant has received no demand for payment of all or any portion of the debt secured by the mortgage and has received no notice or communication that would indicate that all or any portion of the mortgage debt remains due or owing.
(D) A statement that, to the best of the affiant’s knowledge and belief, the mortgage has been paid in full.
(b) The provisions of this section shall not apply to any release obtained by fraud or forgery. (Added 2007, No. 177 (Adj. Sess.), § 4.)