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§ 1241. Definitions
- Definitions have been updated and provided more detail.
§ 1242. PRESUMPTIONS OF ABANDONMENT
- Provides the dormancy periods for all covered property.
- Dormancy periods changed for certain property (please see Title 27, Chapter 14).
- Gift certificates are no longer included.
§ 1243. CONTENTS OF SAFE DEPOSIT BOX OR OTHER SAFEKEEPING DEPOSITORY
- Contents of safe deposit boxes become abandoned property five years after lapse of rental payments.
§ 1244. UNCLAIMED DEMUTUALIZATION PROCEEDS
- Vermont began collecting unclaimed assets from insurance companies several years ago and this statute will continue the process.
§ 1245. RULES FOR TAKING CUSTODY
- This is an important addition to Vermont law. It describes the priority among states as to which state unclaimed property should be paid after it becomes abandoned. The first priority always being that if the holder reports an address, the property should go to that state.
§ 1246. BURDEN OF PROOF AS TO PROPERTY EVIDENCED BY RECORD OF CHECK OR DRAFT
- A record that a check has been issued is sufficient proof that an obligation is owed.
§ 1247. REPORT OF UNCLAIMED PROPERTY
- This section requires holders to report abandoned property.
§ 1248. PAYMENT OR DELIVERY OF UNCLAIMED PROPERTY
- Holders are required to turn over abandoned property at the time of filing the report, except for property contained in safety deposit boxes.
§ 1249. NOTICE AND PUBLICATION OF LISTS OF UNCLAIMED PROPERTY
- This section will give the Treasurer the ability to use a variety of advertising methods to reach owners of unclaimed property.
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§ 1250. CUSTODY BY STATE; RECOVERY BY HOLDER; RELIEF OF HOLDER FROM LIABILITY
- Under this section custody of abandoned property is assumed by the State and the holder is relieved of all liability, provided it acted in good faith.
§ 1251. INCOME ACCRUING AFTER PAYMENT OR DELIVERY
- In the case of noncash property, an owner will be entitled to receive any income, or gain the property earns prior to liquidation. This means that owners of stock, for example, would be entitled to dividends and splits up to the time that the Treasurer liquidates the shares and turns them into cash.
§ 1252. PUBLIC SALE OF UNCLAIMED PROPERTY
- This section provides a procedure for selling unclaimed property, including securities.
§ 1253. DEPOSIT OF FUNDS; INFORMATION CONCERNING OWNER
- This section creates a program that will transfer properties of $100, or less, to the Higher Education Endowment Trust Fund after they have gone unclaimed for 10 years.
§ 1254. CLAIM OF ANOTHER STATE TO RECOVER PROPERTY
- This section describes how another state would go about claiming property from the Vermont program.
§ 1255. FILING CLAIM WITH TREASURER; HANDLING OF CLAIMS BY TREASURER
- Describes the claims process for owners to apply for the return of their property and how the Treasurer should process the claims.
§ 1256. APPEAL
- Permits a claimant to appeal a denial of a claim to the Washington Superior Court.
§ 1257. ELECTION TO TAKE PAYMENT OR DELIVERY
- The Treasurer may refuse to accept property under this section.
§ 1258. DESTRUCTION OR DISPOSITION OF PROPERTY HAVING NO SUBSTANTIAL COMMERCIAL VALUE; IMMUNITY FROM LIABILITY
- This provision will allow the Treasurer to destroy valueless property.
§ 1259. PERIODS OF LIMITATION
- § 1259 provides that a period of limitation applicable to the owner does not apply to the State once the property becomes abandoned.
- This section is the other half of the program created in
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§ 1260. REQUESTS FOR REPORTS AND EXAMINATION OF RECORDS
- This section permits the Treasurer to examine records.
§ 1261. RETENTION OF RECORDS
- Holders are to maintain records of property reported for ten years.
§ 1262. ENFORCEMENT
- The Treasurer may enforce the chapter through the Attorney General' Office.
§ 1263. INTERSTATE AGREEMENTS AND COOPERATION; JOINT AND RECIPROCAL ACTIONS WITH OTHER STATES
- Provides for Vermont to combine with other states to enforce unclaimed property laws and to exchange property with the state that has the highest priority claim.
§ 1264. INTEREST AND PENALTIES
- Provides for interest to be paid for late reporting/delivery of abandoned property at the prime rate as reported in the Money Rates section of the Wall Street Journal on the day the invoice for interest is issued by the treasurer's office.
- Creates civil penalties enforceable in court for: failing to report or deliver unclaimed property; willfully failing to report or deliver unclaimed property; filing a false report.
§ 1265. AGREEMENT TO LOCATE PROPERTY; ASSET LOCATORS
- Requires asset locators to register with the Treasurer and post a $10,000 bond to protect the treasury. Asset locators are individuals who contract with property owners to search for and reacquire the owner's lost property.
- An asset locator contract will be unenforceable for 24 months after the property is due to be delivered to the Treasurer. This allows the owners to have the opportunity to locate their own property prior to having to pay someone to do it for them.
§ 1266. FOREIGN TRANSACTIONS
- Makes clear that the law does not apply to foreign transactions.
§ 1267. RULES
- Permits the Treasurer to adopt rules.
§ 1268. UNIFORMITY OF APPLICATION AND CONSTRUCTION
- Provides that this is intended to be a uniform law among the states that adopt it.
§ 1269. SEVERABILITY CLAUSE
- Makes clear that if any provision of the chapter is held invalid, that ruling shall not affect the enforceability of the remainder of the law.
§ 1270. UNCLAIMED PROPERTY; DECEASED OWNER
- Continues and expands a unique provision of current Vermont law. Generally speaking when an owner of unclaimed property dies, the property is payable only to his/her estate. This Statute allows the Treasurer to increase the amount exempt from probate from $1000 to $2,500.
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