Vermont Statutes Title 27 Sec. 1520
Terms Used In Vermont Statutes Title 27 Sec. 1520
- 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
- 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
- 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
- Statute: A law passed by a legislature.
§ 1520. Periods of limitation and repose
(a) Expiration, before, on, or after January 1, 2021, of a period of limitation on an owner‘s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the Administrator.
(b) The Administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property more than five years after the holder filed a non-fraudulent report under section 1491 of this title with the Administrator. The parties may agree in a record to extend the limitation in this subsection.
(c) The Administrator may not commence an action, proceeding, or examination with respect to a duty of a holder under this chapter more than 10 years after the duty arose. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)