(a) Any person who holds an unbroken chain of title of record to any interest in real estate for 40 years, shall at the end of that period be deemed to have a marketable record title to the interest, subject only to such claims to the interest and such defects of title as are not extinguished or barred under this chapter, and such interests, limitations or encumbrances as are inherent in the provisions and limitations contained in the muniments of which the chain of record title is formed which have been recorded during the 40-year period.

(b) For purposes of this section and sections 602 and 603 of this title, "person" shall mean and include any natural person, firm, partnership, corporation, association, executor, administrator, guardian, trustee, fiduciary, or any other legal entity, excepting the state of Vermont, political subdivisions of the state, and the United States. (Added 1969, No. 235 (Adj. Sess.), § 2.)