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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
009
:
Secured Transactions
§
9-337. Priority of security interests in goods covered by certificate of title
If, while a
security interest in goods is perfected by any method under the law of another
jurisdiction, this state issues a certificate of title that does not show that
the goods are subject to the security interest or contain a statement that they
may be subject to security interests not shown on the certificate:
(1) a buyer of
the goods, other than a person in the business of selling goods of that kind,
takes free of the security interest if the buyer gives value and receives
delivery of the goods after issuance of the certificate and without knowledge
of the security interest; and
(2) the security
interest is subordinate to a conflicting security interest in the goods that
attaches, and is perfected under section 9-311(b), after issuance of the
certificate and without the conflicting secured party's knowledge of the
security interest. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)