Vermont Statutes Title 9 Sec. 2a-307
Terms Used In Vermont Statutes Title 9 Sec. 2a-307
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ 2A—309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See
§ 2A—307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
(1) Except as otherwise provided in section 2A—306 of this title, a creditor of a lessee takes subject to the lease contract.
(2) Except as otherwise provided in subsection (3) of this section and in sections 2A—306 and 2A—308 of this title, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in sections 9—317, 9—321, and 9—323 of this title, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995; amended 1999, No. 106 (Adj. Sess.), § 12, eff. July 1, 2001.)