Montpelier Savings Bank & Trust Co. v. Mitchell

This case involves the distribution by the officer of the proceeds received from a foreclosure sale on a conditional vendor’s lien. We are concerned with the first two sentences of 9 V.S.A. §1695 which read as follows: “The proceeds of such sale shall be applied to the payment of the lien and the costs and expenses of keeping the property and sale. The balance shall be paid on demand to the vendee or the person holding under him.” So our question here is, did the constable turn over the balance of the proceeds to “a person holding under” the conditional vendee?

In the last analysis, the…