Vermont Statutes Title 27 Sec. 1502
Terms Used In Vermont Statutes Title 27 Sec. 1502
- Administrator: means the Vermont State Treasurer. See
- 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
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Owner: means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative when acting on behalf of the owner. 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
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U. See
§ 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.)