§ 2903 - Duration and effectiveness - Vermont Statutes

§ 2903. Duration and effectiveness

(a) A judgment lien shall be effective for eight years from the issuance of a final judgment on which it is based except that a petition for foreclosure filed during the eight-year period shall extend the period until the termination of the foreclosure suit.

(b) Interest on a judgment lien shall accrue at the rate of 12 percent per annum.

(c) If a judgment lien is not satisfied within 30 days of recording, it may be foreclosed and redeemed as provided in this title and V.R.C.P. 80.1. Unless the court finds that as of the date of foreclosure the amount of the outstanding debt exceeds the value of the real property being foreclosed, section 4531 of this title shall apply to foreclosure of a judgment lien. (Added 1979, No. 67, § 3, eff. date, see note set out below; amended 1979, No. 173 (Adj. Sess.), § 26, eff. April 30, 1980.)