Vermont Statutes Title 27 Sec. 1463
Terms Used In Vermont Statutes Title 27 Sec. 1463
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See
- Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See
§ 1463. When other tax-deferred account presumed abandoned
Subject to section 1469 of this title and except for property described in section 1462 of this title and property held in a plan described in 26 U.S.C. § 529A, as may be amended, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner three years after the earlier of:
(1) the date, if determinable by the holder, specified in the income tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or
(2) 30 years after the date the account was opened. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)