Vermont Statutes Title 27 Sec. 1512
Terms Used In Vermont Statutes Title 27 Sec. 1512
- 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
- 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
- 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
§ 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.)