27 V.S.A. § 604

(a) This subchapter shall not bar or extinguish any of the following interests by reason of failure to file the notice provided for in section 605 of this title:

(1) the interest of any lessor or his or her successor as reversioner of the right to possession on the expiration of any lease or any lessee or the successor to his or her rights in and to any lease;

(2) any interest of a mortgagee, or interest in the nature of a mortgagee's interest, until after the obligation secured by the mortgage has become due and payable;

(3) any interest of a mortgagee, or interest in the nature of a mortgagee's interest, when the instrument creating the interest contains no due date for the obligation secured thereby;

(4) any interest held by adverse possession not evidenced by a recorded instrument;

(5) any remainder interest, reverter or reversionary interest, or interest arising upon a condition, except an interest arising upon a condition as to the distance between a structure on real estate and a public highway or other property of a municipality;

(6) any easement or interest in the nature of an easement, the easement, the existence of which is clearly observable by physical evidences of its use;

(7) any easement or interest in the nature of an easement, or any rights appurtenant thereto granted, excepted, or reserved by a recorded instrument creating the easement or interest; or

(8) any conservation rights or interests or preservation rights or interests created pursuant to 10 V.S.A. chapters 34 and 155.

(b) This subchapter shall not affect any right, title, or interest in real estate owned or held by the United States, the State of Vermont, or any political subdivision of the State.