Vermont Statutes Title 27 Sec. 1513
Terms Used In Vermont Statutes Title 27 Sec. 1513
- 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
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- 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
- Non-freely transferable security: means a security that cannot be delivered to the Administrator by the Depository Trust Clearing Corporation or similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer. 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
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. 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
- Security: means :
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U. See
§ 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.)