9A V.S.A. § 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.