Vermont Statutes Title 27 Sec. 1491
Terms Used In Vermont Statutes Title 27 Sec. 1491
- Administrator: means the Vermont State Treasurer. See
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See
§ 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.)