Title 27, Title 27: Property

§ 1552. When property subject to recovery by another state (a) Property held under this chapter by the Administrator is subject to the right of another state to take custody of the property if: (1) the property was paid or delivered to the Administrator because the records of the…

§ 1553. Claim for property by person claiming to be owner (a) A person claiming to be the owner of property held under this chapter by the Administrator may file a claim for the property on a form prescribed by the Administrator. The claimant must verify the claim as to its compl…

§ 1554. When Administrator must honor claim for property (a) The Administrator shall pay or deliver property to a claimant under subsection 1553(a) of this title if the Administrator receives evidence sufficient to establish to the satisfaction of the Administrator that the claim…

§ 1555. Allowance of claim for property (a) Not later than 30 days after a claim is allowed under subsection 1554(b) of this title, the Administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with incom…

§ 1556. Action by person whose claim is denied Not later than one year after filing a claim under subsection 1553(a) of this title, the claimant may commence an action against the Administrator in the Civil Division of the Washington County Superior Court to establish a claim tha…

§ 1557. Deceased owners; multiple claimants (a) If the Administrator holds unclaimed property in the name of a deceased owner, the Administrator may deliver the property as follows: (1) In the case of an open estate, to the Administrator or executor. (2) In the case of a closed e…

§ 1561. Verified report of property If a person does not file a report required by section 1491 of this title or the Administrator believes that a person may have filed an inaccurate, incomplete, or false report, the Administrator may require the person to file a verified report …

§ 1562. Examination of records to determine compliance The Administrator, at reasonable times and on reasonable notice, may: (1) examine the records of a person, including examination of appropriate records in the possession of an agent of the person under examination, if the rec…

§ 1563. Rules for conducting examination (a) The Administrator shall adopt rules governing procedures and standards for an examination under section 1562 of this title, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examination.…

§ 1564. Records obtained in examination Records obtained and records, including work papers, compiled by the Administrator in the course of conducting an examination under section 1562 of this title: (1) are subject to the confidentiality and security provisions of subchapter 14 …

§ 1565. Evidence of unpaid debt or undischarged obligation (a) A record of a putative holder showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or obligation. (b) A putative holder may establish by a preponderance of the evidence that there is n…

§ 1566. Failure of person examined to retain records If a person subject to examination under section 1562 of this title does not retain the records required by section 1494 of this title, the Administrator may determine the value of property due using a reasonable method of esti…

§ 1567. Report to person whose records were examined (a) At the conclusion of an examination under section 1002 of this title, the Administrator shall provide to the person whose records were examined a complete and unredacted examination report that specifies: (1) the work perfo…

§ 1568. Complaint to Administrator about conduct of person conducting examination (a) If a person subject to examination under section 1562 of this title believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditio…

§ 1569. Administrator’s contract with another to conduct examination (a) As used in this section, “related to the Administrator” refers to an individual who is: (1) the Administrator’s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary; (2) the Administ…

§ 1570. Limit on future employment The Administrator or an individual employed by the Administrator who participates in, recommends, or approves the award of a contract under subsection 1569(b) of this title on or after January 1, 2021, may not be employed by, contracted with, or…

§ 1571. Report by Administrator to General Assembly Not later than January 15 of each year, the Administrator shall compile and submit a report to the General Assembly. The report must contain the following information about property presumed abandoned for the preceding fiscal ye…

§ 1572. Determination of liability for unreported reportable property If the Administrator determines from an examination conducted under section 1562 of this title that a putative holder failed or refused to pay or deliver to the Administrator property that is reportable under t…

§ 1581. Informal conference (a) Not later than 30 days after receipt of a notice under section 1572 of this title, the putative holder may request an informal conference with the Administrator to review the determination. Except as otherwise provided in this section, the Administ…

§ 1582. Review of Administrator’s determination A putative holder may seek relief from a determination under section 1572 of this title by: (1) administrative review under section 1583 of this title; or (2) judicial review under section 1583 of this title. (Added 2019, No. 93 (Ad…

§ 1583. Administrative review (a) Not later than 90 days after receiving notice of the Administrator’s determination under section 1572 of this title, a putative holder may initiate a proceeding under 3 V.S.A. chapter 25, subchapter 2 for review of the Administrator’s determinati…

§ 1584. Judicial remedy (a) Not later than 90 days after receiving notice of the Administrator’s determination under section 1572 of this title, the putative holder may: (1) file an action against the Administrator in the Civil Division of the Washington County Superior Court cha…

§ 1591. Judicial action to enforce liability (a) If a determination under section 1572 of this title becomes final and is not subject to administrative or judicial review, the Administrator may bring an action in the Civil Division of the Washington County Superior Court or in an…

§ 1592. Interstate and international agreement; cooperation (a) Subject to subsection (b) of this section, the Administrator may: (1) exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of proper…

§ 1593. Action involving another state or foreign country (a) The Administrator may join another state or foreign country to examine and seek enforcement of this chapter against a putative holder. (b) On request of another state or foreign country, the Vermont Attorney General ma…

§ 1594. Interest and penalty for failure to act in timely manner (a) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the higher of the annual rate established by the Vermont Tax Departme…

§ 1595. Other civil penalties (a) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this chapter or otherwise willfully fails to perform a duty imposed on the holder under this chapter, the Administrator may require the holder …

§ 1596. Waiver of interest and penalty The Administrator: (1) may waive, in whole or in part, interest under subsection 1594(a) of this title and penalties under subsection 1594(b) or section 1595 of this title; and (2) shall waive a penalty under subsection 1594(b) of this title…

§ 1601. When agreement to locate property enforceable An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the Administrator, is enforceable only if …

§ 1602. When agreement to locate property void (a) Subject to subsection (b) of this section, an agreement under section 1601 of this title is void if it is entered into during the period beginning on the date the property was paid or delivered by a holder to the Administrator an…

§ 1603. Right of agent of apparent owner to recover property held by Administrator (a) An apparent owner that contracts with another person to locate, deliver, recover, or assist in the location, delivery, or recovery of property of the apparent owner that is held by the Administ…

§ 1604. Asset locators (a) All asset locators seeking to interact with the Administrator on behalf of apparent owners shall first register with Administrator on forms prescribed by the Administrator. Registration information shall include an asset locator’s previous business expe…

§ 1611. Definitions; applicability (a) As used in this subchapter, “personal information” means: (1) information that identifies or reasonably can be used to identify an individual, such as first and last name in combination with the individual’s: (A) Social Security number or ot…

§ 1612. Confidential information (a) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure: (1) records of the Administrator and the Administrator’s agent related to the administration of this chapter; (2) rep…

§ 1613. When confidential information may be disclosed (a) When reasonably necessary to enforce or implement this chapter, the Administrator may disclose confidential information concerning property held by the Administrator or the Administrator’s agent only to: (1) an apparent o…

§ 1614. Confidentiality agreement A person to be examined under section 1562 of this title may require, as a condition of disclosure of the records of the person to be examined, that each person having access to the records disclosed in the examination execute and deliver to the …

§ 1615. No confidential information in notice Except as otherwise provided in sections 1501 and 1502 of this title, a holder is not required under this chapter to include confidential information in a notice the holder is required to provide to an apparent owner under this chapte…

§ 1616. Security of information (a) If a holder is required to include confidential information in a report to the Administrator, the information must be provided by a secure means. (b) If confidential information in a record is provided to and maintained by the Administrator or …

§ 1617. Security breach (a) Except to the extent prohibited by law other than this chapter, the Administrator or Administrator’s agent shall notify a holder as soon as practicable of: (1) a suspected loss, misuse or unauthorized access, disclosure, modification, or destruction of…

§ 1618. Indemnification for breach (a) If a claim is made or action commenced arising out of an event described in subsection 1617(a) of this title relating to confidential information possessed by the Administrator’s agent, the Administrator’s agent shall indemnify, defend, and …

§ 1621. Uniformity of application and construction In applying and construing this uniform chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. …

§ 1622. Relation to Electronic Signatures in Global and National Commerce Act This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act,…

§ 1623. Transitional provision (a) An initial report filed under this chapter for property that was not required to be reported before January 1, 2021, but that is required to be reported under this chapter, must include all items of property that would have been presumed abandon…