reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1466. When stored-value card presumed abandoned

§ 1466. When stored-value card presumed abandoned
(a) Subject to section 1469 of this title, the net card value of a stored-value card, other than a payroll card, is presumed abandoned on the latest of three years after:
(1) December 31 of the year in which the card is issued or additional funds are deposited into it;
(2) the most recent indication of interest in the card by the apparent owner; or
(3) a verification or review of the balance by or on behalf of the apparent owner.
(b) The amount presumed abandoned in a stored-value card is the net card value at the time it is presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1467. When security presumed abandoned

§ 1467. When security presumed abandoned
(a) Subject to section 1469 of this title, a security is presumed abandoned three years after:
(1) the date a second consecutive communication sent by the holder by first-class U.S. mail to the apparent owner is returned to the holder undelivered by the U.S. Postal Service; or
(2) if the second communication is made later than 30 days after the first communication is returned, the date the first communication is returned undelivered to the holder by the U.S. Postal Service.
(b) If the holder does not send communications to the apparent owner of a security by first-class U.S. mail, the holder shall attempt to confirm the apparent owner’s interest in the security by sending the apparent owner an electronic-mail communication not later than two years after the apparent owner’s last indication of interest in the security. However, the holder promptly shall attempt to contact the apparent owner by first-class U.S. mail if:
(1) the holder does not have information needed to send the apparent owner an electronic-mail communication or the holder believes that the apparent owner’s electronic-mail address in the holder’s records is not valid;
(2) the holder receives notification that the electronic-mail communication was not received; or
(3) the apparent owner does not respond to the electronic-mail communication not later than 30 days after the communication was sent.
(c) If first-class U.S. mail sent under subsection (b) of this section is returned to the holder undelivered by the U.S. Postal Service, the security is presumed abandoned three years after the date the mail is returned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1468. When related property presumed abandoned

§ 1468. When related property presumed abandoned
At and after the time property is presumed abandoned under this chapter, any other property right or interest accrued or accruing from the property and not previously presumed abandoned is also presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1471. Deposit account for proceeds of insurance policy or annuity contract

§ 1471. Deposit account for proceeds of insurance policy or annuity contract
If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held, the policy or contract includes the assets in the account. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1473. When abandonment period is accelerated

§ 1473. When abandonment period is accelerated
Notwithstanding sections 1461 through 1469 of this title, and subject to section 1469 of this title:
(1) If the holder has imposed a charge against property for reason of owner inactivity or the failure of the owner to claim the property within a specified period of time, and the abandonment period for the property as specified in sections 1461 through 1469 of this chapter is greater than two years, the property shall instead be presumed abandoned two years from the date of the owner’s last indication of interest in the property.
(2) A deceased owner cannot indicate interest in his or her property. If the holder has reason to believe that the owner’s deceased, and the abandonment period for the owner’s property in sections 1461 through 1469 of this title is greater than two years, the property shall instead be presumed abandoned two years from the date of the owner’s last indication of interest in the property. If the owner’s property is subject to section 1462 or 1463 of this title, the two-year presumption of abandonment shall run from the earliest of the date of distribution or attempted distribution of the property, the date of the required distribution as stated in the plan or trust agreement governing the plan, or the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1481. Address of apparent owner to establish priority

§ 1481. Address of apparent owner to establish priority
In this subchapter, the following rules apply:
(1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not sufficient to direct the delivery of first-class U.S. mail to the apparent owner.
(2) If the U.S. postal zip code associated with the apparent owner is for a post office located in this State, this State is deemed to be the state of the last-known address of the apparent owner unless other records associated with the apparent owner specifically identify the physical address of the apparent owner to be in another state.
(3) If the address under subdivision (2) of this section is in another state, the other state is deemed to be the state of the last-known address of the apparent owner.
(4) The address of the apparent owner of a life or endowment insurance policy or annuity contract or its proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under section 1482 of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1482. Address of apparent owner in this State

§ 1482. Address of apparent owner in this State
The Administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if:
(1) the last-known address of the apparent owner in the records of the holder is in this State; or
(2) the records of the holder do not reflect the identity or last-known address of the apparent owner, but the Administrator has determined that the last-known address of the apparent owner is in this State. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1483. If records show multiple addresses of apparent owner

§ 1483. If records show multiple addresses of apparent owner
(a) Except as in subsection (b) of this section, if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may take custody of property presumed abandoned, whether located in this State or another state.
(b) If it appears from records of the holder that the most recently recorded address of the apparent owner under subsection (a) of this section is a temporary address and this State is the state of the next most-recently recorded address that is not a temporary address, this State may take custody of the property presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1484. Holder domiciled in this State

§ 1484. Holder domiciled in this State
(a) Except as in subsection (b) of this section or section 1482 or 1483 of this title, the Administrator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign country, if the holder is domiciled in this State or is this State or a governmental subdivision, agency, or instrumentality of this State, and
(1) another state or foreign country is not entitled to the property because there is no last-known address of the apparent owner or other person entitled to the property in the records of the holder; or
(2) the state or foreign country of the last-known address of the apparent owner or other person entitled to the property does not provide for custodial taking of the property.
(b) Property is not subject to custody of the Administrator under subsection (a) of this section if the property is specifically exempt from custodial taking under the law of this State or the state or foreign country of the last-known address of the apparent owner.
(c) If a holder’s state of domicile has changed since the time property was presumed abandoned, the holder’s state of domicile in this section is deemed to be the state where the holder was domiciled at the time the property was presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1485. Custody if transaction took place in this State

§ 1485. Custody if transaction took place in this State
Except as in section 1482, 1483, or 1484 of this title, the Administrator may take custody of property presumed abandoned whether located in this State or another state if:
(1) the transaction out of which the property arose took place in this State;
(2) the holder is domiciled in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the holder’s domicile, the property is not subject to the custody of the Administrator; and
(3) the last-known address of the apparent owner or other person entitled to the property is unknown or in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the last-known address, the property is not subject to the custody of the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1486. Traveler’s check, money order, or similar instrument

§ 1486. Traveler’s check, money order, or similar instrument
The Administrator may take custody of sums payable on a traveler’s check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. §§ 2501 through 2503, as may be amended. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1487. Burden of proof to establish Administrator’s right to custody

§ 1487. Burden of proof to establish Administrator’s right to custody
If the Administrator asserts a right to custody of unclaimed property, the Administrator has the burden to prove:
(1) the existence and amount of the property;
(2) the property is presumed abandoned; and
(3) the property is subject to the custody of the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1491. Report required by holder

§ 1491. Report required by holder
(a) A holder of property presumed abandoned and subject to the custody of the Administrator shall report in a record to the Administrator concerning the property. The Administrator may not require a holder to file a paper report.
(b) A holder may contract with a third party to make the report required under subsection (a) of this section.
(c) Whether or not a holder contracts with a third party under subsection (b) of this section, the holder is responsible:
(1) to the Administrator for the complete, accurate, and timely reporting of property presumed abandoned; and
(2) for paying or delivering to the Administrator property described in the report. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1492. Content of report

§ 1492. Content of report
(a) The report required under section 1491 of this title must:
(1) be signed by or on behalf of the holder and verified as to its completeness and accuracy;
(2) if filed electronically, be in a secure format approved by the Administrator that protects confidential information of the apparent owner in the same manner as required of the Administrator and the Administrator’s agent under subchapter 14 of this chapter;
(3) describe the property;
(4) except for a traveler’s check, money order, or similar instrument, contain the name, if known; last-known address, if known; and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $50.00 or more;
(5) for an amount held or owing under a life or endowment insurance policy or annuity contract, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(6) for property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the Administrator, and any amounts owed to the holder under section 1516 of this title;
(7) contain the commencement date for determining abandonment under subchapter 2 of this chapter;
(8) state that the holder has complied with the notice requirements of section 1501 of this title;
(9) identify property that is a non-freely transferable security and explain why it is a non-freely transferable security; and
(10) contain other information the Administrator prescribes by rules.
(b) A report under section 1491 of this title may include in the aggregate items valued under $25.00 each. If the report includes items in the aggregate valued under $25.00 each, the Administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(c) A report under section 1491 of this title may include personal information as defined in section 1611 of this title about the apparent owner or the apparent owner’s property to the extent not otherwise prohibited by federal law.
(d) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report under section 1491 of this title its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1493. When report to be filed

§ 1493. When report to be filed
(a) Except as otherwise provided in subsection (b) of this section and subject to subsection (c) of this section, the report under section 1491 of this title must be filed before May 1 of each year and cover the 12 months preceding January 1 of that year.
(b) Subject to subsection (c) of this section, the report under section 1491 of this title to be filed by an insurance company must be filed before May 1 of each year for the immediately preceding calendar year.
(c) Before the date for filing the report under section 1491 of this title, the holder of property presumed abandoned may request the Administrator to extend the time for filing. The Administrator may grant an extension. If the extension is granted, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1494. Retention of records by holder

§ 1494. Retention of records by holder
A holder required to file a report under section 1491 of this title shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the Administrator. The holder may satisfy the requirement to retain records under this section through an agent. The records must contain:
(1) the information required to be included in the report;
(2) the date, place, and nature of the circumstances that gave rise to the property right;
(3) the amount or value of the property;
(4) the last address of the apparent owner, if known to the holder; and
(5) if the holder sells, issues, or provides to others for sale or issue in this State traveler’s checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1495. Property reportable and payable or deliverable absent owner demand

§ 1495. Property reportable and payable or deliverable absent owner demand
Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1496. Electric utility cooperatives

§ 1496. Electric utility cooperatives
(a) Electric utility cooperatives organized under or otherwise subject to 30 V.S.A. chapter 81 shall report capital credits that have been retired and declared payable by the cooperative’s board of directors, but that have not been claimed by the owner in accordance with the provisions of this chapter. Electric utility cooperatives shall not pay or deliver the unclaimed capital credits to the Administrator. As used in this section, “capital credits” means those credits to a capital account of a member of an electric utility cooperative that the cooperative is obliged to pay after operating costs and expenses have been paid.
(b) The Administrator shall provide notice of unclaimed capital credit properties reported by electric utilities in accordance with the provisions of section 1503 of this title. In the event of a claim for a capital credit property, the Administrator shall refer the claimant to the appropriate electric utility cooperative who shall evaluate the claim and upon provision of satisfactory proof of ownership shall pay the claimant.
(c) The electric utility cooperative shall notify the Administrator of the resolution of all claims for unclaimed property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1501. Notice to apparent owner by holder

§ 1501. Notice to apparent owner by holder
(a) Subject to subsection (b) of this section, the holder of property presumed abandoned shall send to the apparent owner notice by first-class U.S. mail that complies with section 1502 of this title in a format acceptable to the Administrator not more than 180 days nor less than 60 days before filing the report under section 1491 of this title if:
(1) the holder has in its records an address for the apparent owner that the holder’s records do not disclose to be invalid and is sufficient to direct the delivery of first-class U.S. mail to the apparent owner; and
(2) the value of the property is $50.00 or more.
(b) If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder shall send the notice described in subsection (a) of this section both by first-class U.S. mail to the apparent owner’s last-known mailing address and by electronic mail, unless the holder believes that the apparent owner’s electronic-mail address is invalid. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1502. Contents of notice by holder

§ 1502. Contents of notice by holder
(a) Notice under section 1501 of this title must contain a heading that reads substantially as follows: “Notice. The State of Vermont requires us to notify you that your property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date that is 30 days after the date of this notice).”.
(b) The notice under section 1501 of this title must:
(1) identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;
(2) state that the property will be turned over to the Administrator;
(3) state that after the property is turned over to the Administrator an apparent owner that seeks return of the property must file a claim with the Administrator;
(4) state that property that is not legal tender of the United States may be sold by the Administrator; and
(5) provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1503. Notice by Administrator

§ 1503. Notice by Administrator
(a) The Administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner is held by the Administrator under this chapter.
(b) In providing notice under subsection (a) of this section, the Administrator shall:
(1) except as otherwise provided in subdivision (2) of this subsection, send written notice by first-class U.S. mail to each apparent owner of property valued at $50.00 or more held by the Administrator, unless the Administrator determines that a mailing by first-class U.S. mail would not be received by the apparent owner, and, in the case of a security held in an account for which the apparent owner had consented to receiving electronic mail from the holder, send notice by electronic mail if the electronic-mail address of the apparent owner is known to the Administrator instead of by first-class U.S. mail; or
(2) send the notice to the apparent owner’s electronic-mail address if the Administrator does not have a valid U.S. mail address for an apparent owner, but has an electronic-mail address that the Administrator does not know to be invalid.
(c) In addition to the notice under subsection (b) of this section, the Administrator may use any of the following to provide additional notice to the apparent owners:
(1) publication in a newspaper of general circulation:
(A) in the area of the State in which the last known address of a person to be named in the notice is located;
(B) in the area in which the holder has its principal place of business in the State; or
(C) in the area the Administrator deems to provide the best opportunity to reach the apparent owner;
(2) individual contact by regular or electronic mail, or by telephone, if the treasurer has current contact information on file;
(3) any other manner and method that the treasurer considers effective for providing notice and publication.
(d) In addition to the notice under subsection (b) of this section, the Administrator shall maintain a website or database accessible by the public and electronically searchable that contains the names reported to the Administrator of all apparent owners for whom property is being held by the Administrator. The website or database maintained under this subsection must include instructions for filing with the Administrator a claim to property and a printable claim form with instructions for its use.
(e) In addition to giving notice under subsection (b) of this section, publishing the information under subdivision (c)(1) of this section and maintaining the website or database under subdivision (d)(2) of this section, the Administrator may use other printed publication, telecommunication, the Internet, or other media to inform the public of the existence of unclaimed property held by the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1504. Cooperation among State officers and agencies to locate apparent owner

§ 1504. Cooperation among State officers and agencies to locate apparent owner
Unless prohibited by law of this State other than this chapter, on request of the Administrator, each officer, agency, board, commission, division, and department of this State, any body politic and corporate created by this State for a public purpose, and each political subdivision of this State shall make its books and records available to the Administrator and cooperate with the Administrator to determine the current address of an apparent owner of property held by the Administrator under this chapter. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1511. Definition of good faith

§ 1511. Definition of good faith
In this subchapter, payment or delivery of property is made in good faith if a holder:
(1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the Administrator under this chapter; or
(2) made payment or delivery:
(A) in response to a demand by the Administrator or Administrator’s agent; or
(B) under a guidance or ruling issued by the Administrator that the holder reasonably believed required or permitted the property to be paid or delivered. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1512. Dormancy charge

§ 1512. Dormancy charge
(a) A holder may deduct a dormancy charge from property required to be paid or delivered to the Administrator if:
(1) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and
(2) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1513. Payment or delivery of property to Administrator

§ 1513. Payment or delivery of property to Administrator
(a) Except as otherwise provided in this section, on filing a report under section 1491 of this title, the holder shall pay or deliver to the Administrator the property described in the report.
(b) If property in a report under section 1491 of this title is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the Administrator at the time of the report, the date for payment of the property to the Administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the Administrator of the extended date.
(c) Tangible property in a safe-deposit box may not be delivered to the Administrator until 120 days after filing the report under section 1491 of this title.
(d) If property reported to the Administrator under section 1491 of this title is a security, the Administrator may:
(1) make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security; or
(2) dispose of the security under section 1532 of this title.
(e) If the holder of property reported to the Administrator under section 1491 of this title is the issuer of a certificated security, the Administrator may obtain a replacement certificate in physical or book-entry form under 9A V.S.A. § 8-405. An indemnity bond is not required.
(f) The Administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the Administrator by a holder.
(g) An issuer, holder, and transfer agent or other person acting under this section under instructions of and on behalf of the issuer or holder is not liable to the apparent owner for, and must be indemnified by the State against, a claim arising with respect to property after the property has been delivered to the Administrator.
(h) A holder is not required to deliver to the Administrator a security identified by the holder as a non-freely transferable security. If the Administrator or holder determines that a security is no longer a non-freely transferable security, the holder shall deliver the security on the next regular date prescribed for delivery of securities under this chapter. The holder shall make a determination annually whether a security identified in a report filed under section 1491 of this title as a non-freely transferable security is no longer a non-freely transferable security. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1514. Effect of payment or delivery of property to Administrator

§ 1514. Effect of payment or delivery of property to Administrator
On payment or delivery of property to the Administrator under this chapter, the Administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the Administrator in good faith and substantially complies with sections 1501 and 1502 of this title is relieved of liability arising thereafter with respect to payment or delivery of the property to the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1516. Property removed from safe-deposit box

§ 1516. Property removed from safe-deposit box
Property removed from a safe-deposit box and delivered under this chapter to the Administrator under this chapter is subject to the holder’s right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The Administrator shall reimburse the holder from the proceeds remaining after deducting the expense incurred by the Administrator in selling the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1517. Crediting income or gain to owner’s account

§ 1517. Crediting income or gain to owner’s account
If property other than money is delivered to the Administrator, the owner is entitled to receive from the Administrator income or gain realized or accrued on the property before the property is sold. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1518. Administrator’s options as to custody

§ 1518. Administrator’s options as to custody
(a) The Administrator may decline to take custody of property reported under section 1491 of this title if the Administrator determines that:
(1) the property has a value less than the estimated expenses of notice and sale of the property; or
(2) taking custody of the property would be unlawful.
(b) A holder may pay or deliver property to the Administrator before the property is presumed abandoned under this chapter if the holder:
(1) sends the apparent owner of the property notice required by section 1501 of this title and provides the Administrator evidence that the holder sent such notice;
(2) includes with the payment or delivery a report regarding the property conforming to section 1492 of this title; and
(3) first obtains the Administrator’s consent in a record to accept payment or delivery.
(c) A holder’s request for the Administrator’s consent under subdivision (b)(3) of this section must be in a record. If the Administrator fails to respond to the request not later than 30 days after receipt of the request, the Administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(d) On payment or delivery of property under subsection (b), the property is presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1519. Disposition of property having no substantial value; immunity from liability

§ 1519. Disposition of property having no substantial value; immunity from liability
(a) If the Administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the Administrator may return the property to the holder or destroy or otherwise dispose of the property.
(b) An action or proceeding may not be commenced against the State, an agency of the State, the Administrator, another officer, employee, or agent of the State, or a holder for or because of an act of the Administrator under this section, except for intentional misconduct or malfeasance. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1520. Periods of limitation and repose

§ 1520. Periods of limitation and repose
(a) Expiration, before, on, or after January 1, 2021, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the Administrator.
(b) The Administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property more than five years after the holder filed a non-fraudulent report under section 1491 of this title with the Administrator. The parties may agree in a record to extend the limitation in this subsection.
(c) The Administrator may not commence an action, proceeding, or examination with respect to a duty of a holder under this chapter more than 10 years after the duty arose. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1531. Public sale of property

§ 1531. Public sale of property
(a) Subject to section 1532 of this title, not earlier than three years after receipt of property presumed abandoned, the Administrator may sell the property.
(b) Before selling property under subsection (a), the Administrator shall give notice to the public of:
(1) the date of the sale; and
(2) a reasonable description of the property.
(c) A sale under subsection (a) of this section must be to the highest bidder:
(1) at public sale at a location in this State that the Administrator determines to be the most favorable market for the property;
(2) on the Internet; or
(3) on another forum the Administrator determines is likely to yield the highest net proceeds of sale.
(d) The Administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the Administrator determines the highest bid is insufficient.
(e) If a sale held under this section is to be conducted other than on the Internet, the Administrator must publish at least one notice of the sale, at least three weeks but not more than five weeks before the sale, in a newspaper of general circulation in the county in which the property is sold. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1532. Disposal of securities

§ 1532. Disposal of securities
(a) The Administrator may not sell or otherwise liquidate a security until three years after the Administrator receives the security and gives the apparent owner notice under section 1503 of this title that the Administrator holds the security.
(b) The Administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale. The Administrator may sell a security not listed on an established exchange by any commercially reasonable method. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1533. Recovery of securities or value by owner

§ 1533. Recovery of securities or value by owner
(a) If the Administrator sells a security before the expiration of six years after delivery of the security to the Administrator, an apparent owner that files a valid claim under this chapter of ownership of the security before the six-year period expires is entitled, at the option of the Administrator, to receive:
(1) replacement of the security; or
(2) the market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid.
(b) Replacement of the security or calculation of market value under subsection (a) must take into account a stock split, reverse stock split, stock dividend, or similar corporate action.
(c) A person that makes a valid claim under this chapter of ownership of a security after expiration of six years after delivery of the security to the Administrator is entitled to receive:
(1) the security the holder delivered to the Administrator, if it is in the custody of the Administrator, plus dividends, interest, and other increments on the security up to the time the Administrator delivers the security to the person; or
(2) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1534. Purchaser owns property after sale

§ 1534. Purchaser owns property after sale
A purchaser of property at a sale conducted by the Administrator under this chapter takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder. The Administrator shall execute documents necessary to complete the transfer of ownership to the purchaser. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1535. Military medal or decoration

§ 1535. Military medal or decoration
(a) The Administrator may not sell a medal or decoration awarded for military service in the U.S. Armed Forces.
(b) The Administrator, with the consent of the respective organization under subdivision (1) of this subsection, agency under subdivision (2) of this subsection, or entity under subdivision (3) of this subsection, may deliver a medal or decoration described in subsection (a) to be held in custody for the owner to:
(1) a military veterans organization qualified under the Internal Revenue Code, as may be amended, 26 U.S.C. § 501(c)(19);
(2) the agency that awarded the medal or decoration; or
(3) a governmental entity.
(c) On delivery under subsection (b) of this section, the Administrator is not responsible for safekeeping the medal or decoration. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1541. Deposit of funds by administrator

§ 1541. Deposit of funds by administrator
(a) All funds received under this chapter, including the proceeds from the sale of unclaimed property under subchapter 7 of this chapter shall immediately be received by the Administrator, except that the Administrator shall retain in a separate fund an amount not exceeding $100,000.00 or 55 percent of the funds received during the previous year, whichever is greater, from which the Administrator shall make prompt payment of claims duly allowed by the Administrator as provided in this section.
(b) The Administrator shall maintain an account with an amount of funds the Administrator reasonably estimates is sufficient to pay claims allowed under this chapter. If the aggregate amount of claims by owners allowed at any time exceeds the amount held in the account, an excess claim must be paid by the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021; amended 2023, No. 6, § 371, eff. July 1, 2023.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1542. Administrator to retain records of property

§ 1542. Administrator to retain records of property
The Administrator shall:
(1) record and retain the name and last-known address of each person shown on a report filed under section 1491 of this title to be the apparent owner of property delivered to the Administrator;
(2) record and retain the name and last-known address of each insured or annuitant and beneficiary shown on the report;
(3) for each policy of insurance or annuity contract listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid; and
(4) for each apparent owner listed in the report, record and retain the name of the holder that filed the report and the amount due or paid. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1543. Expenses and service charges of Administrator

§ 1543. Expenses and service charges of Administrator
Before making a deposit of funds received under this chapter to the General Fund, the Administrator may deduct:
(1) expenses of disposition of property delivered to the Administrator under this chapter;
(2) costs of mailing and publication in connection with property delivered to the Administrator under this chapter;
(3) reasonable service charges;
(4) expenses incurred in examining records of or collecting property from a putative holder or holder; and
(5) property valued at $100.00 or less more than 10 years after the abandoned property was received from the holder under subchapter 6 of this chapter shall be paid by the Administrator into the Vermont Higher Education Endowment Trust Fund created by 16 V.S.A. § 2885 under authority of this subdivision. For purposes of this subdivision, the value of the abandoned property shall be that value as of the date the property was received from the holder by the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1544. Administrator holds property as custodian for owner

§ 1544. Administrator holds property as custodian for owner
Property received by the Administrator under this chapter is held in custody for the benefit of the owner and is not owned by the State. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1551. Claim of another state to recover property

§ 1551. Claim of another state to recover property
(a) If the Administrator knows that property held by the Administrator under this chapter is subject to a superior claim of another state, the Administrator shall:
(1) report and pay or deliver the property to the other state; or
(2) return the property to the holder so that the holder may pay or deliver the property to the other state.
(b) The Administrator is not required to enter into an agreement to transfer property to the other state under subsection (a) of this section. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1552. When property subject to recovery by another state

§ 1552. When property subject to recovery by another state
(a) Property held under this chapter by the Administrator is subject to the right of another state to take custody of the property if:
(1) the property was paid or delivered to the Administrator because the records of the holder did not reflect a last-known address in the other state of the apparent owner and:
(A) the other state establishes that the last-known address of the apparent owner or other person entitled to the property was in the other state; or
(B) under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(2) the records of the holder did not accurately identify the owner of the property, the last-known address of the owner was in another state, and, under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(3) the property was subject to the custody of the Administrator of this State under section 1485 of this title and, under the law of the state of domicile of the holder, the property has become subject to a claim by the state of domicile of the holder of abandonment; or
(4) the property:
(A) is a sum payable on a traveler’s check, money order, or similar instrument that was purchased in the other state and delivered to the Administrator under section 1486 of this title; and
(B) under the law of the other state, has become subject to a claim by the other state of abandonment.
(b) A claim by another state to recover property under this section must be presented in a form prescribed by the Administrator, unless the Administrator waives presentation of the form.
(c) The Administrator shall decide a claim under this section not later than 90 days after it is presented. If the Administrator determines that the other state is entitled under subsection (a) to custody of the property, the Administrator shall allow the claim and pay or deliver the property to the other state.
(d) The Administrator may require another state, before recovering property under this section, to agree to indemnify this State and its agents, officers, and employees against any liability on a claim to the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1553. Claim for property by person claiming to be owner

§ 1553. Claim for property by person claiming to be owner
(a) A person claiming to be the owner of property held under this chapter by the Administrator may file a claim for the property on a form prescribed by the Administrator. The claimant must verify the claim as to its completeness and accuracy.
(b) The Administrator may waive the requirement in subsection (a) of this section and may pay or deliver property directly to a person if:
(1) the person receiving the property or payment is shown to be the apparent owner included on a report filed under section 1491 of this title;
(2) the Administrator reasonably believes the person is entitled to receive the property or payment; and
(3) the property has a value of less than $250.00. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)