Vermont Statutes Title 27 Sec. 1492
Terms Used In Vermont Statutes Title 27 Sec. 1492
- Administrator: means the Vermont State Treasurer. See
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Confidential information: means records, reports, and information that are confidential under section 1612 of this title. 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
- Money order: means a payment order for a specified amount of money. 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
§ 1492. Content of report
(a) The report required under section 1491 of this title must:
(1) be signed by or on behalf of the holder and verified as to its completeness and accuracy;
(2) if filed electronically, be in a secure format approved by the Administrator that protects confidential information of the apparent owner in the same manner as required of the Administrator and the Administrator’s agent under subchapter 14 of this chapter;
(3) describe the property;
(4) except for a traveler’s check, money order, or similar instrument, contain the name, if known; last-known address, if known; and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $50.00 or more;
(5) for an amount held or owing under a life or endowment insurance policy or annuity contract, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(6) for property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the Administrator, and any amounts owed to the holder under section 1516 of this title;
(7) contain the commencement date for determining abandonment under subchapter 2 of this chapter;
(8) state that the holder has complied with the notice requirements of section 1501 of this title;
(9) identify property that is a non-freely transferable security and explain why it is a non-freely transferable security; and
(10) contain other information the Administrator prescribes by rules.
(b) A report under section 1491 of this title may include in the aggregate items valued under $25.00 each. If the report includes items in the aggregate valued under $25.00 each, the Administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(c) A report under section 1491 of this title may include personal information as defined in section 1611 of this title about the apparent owner or the apparent owner’s property to the extent not otherwise prohibited by federal law.
(d) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report under section 1491 of this title its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)