Vermont Statutes Title 27 Sec. 1518
Terms Used In Vermont Statutes Title 27 Sec. 1518
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
§ 1518. Administrator‘s options as to custody
(a) The Administrator may decline to take custody of property reported under section 1491 of this title if the Administrator determines that:
(1) the property has a value less than the estimated expenses of notice and sale of the property; or
(2) taking custody of the property would be unlawful.
(b) A holder may pay or deliver property to the Administrator before the property is presumed abandoned under this chapter if the holder:
(1) sends the apparent owner of the property notice required by section 1501 of this title and provides the Administrator evidence that the holder sent such notice;
(2) includes with the payment or delivery a report regarding the property conforming to section 1492 of this title; and
(3) first obtains the Administrator’s consent in a record to accept payment or delivery.
(c) A holder’s request for the Administrator’s consent under subdivision (b)(3) of this section must be in a record. If the Administrator fails to respond to the request not later than 30 days after receipt of the request, the Administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(d) On payment or delivery of property under subsection (b), the property is presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)