Title 27, Title 27: Property

§ 1461. When property presumed abandoned Subject to section 1469 of this title, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: (1) a traveler’s check, 15 years after issuance; (2) a money order, seven years…

§ 1462. When tax-deferred retirement account presumed abandoned (a) Subject to section 1469 of this title, property held in a pension account or retirement account that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclai…

§ 1463. When other tax-deferred account presumed abandoned Subject to section 1469 of this title and except for property described in section 1462 of this title and property held in a plan described in 26 U.S.C. § 529A, as may be amended, property held in an account or plan, incl…

§ 1464. When custodial account for minor presumed abandoned (a) Subject to section 1469 of this title, property held in an account established under a state’s Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf o…

§ 1465. When contents of safe-deposit box presumed abandoned Tangible property held in a safe-deposit box and proceeds from a sale of the property by the holder permitted by law of this State other than this chapter are presumed abandoned if the property remains unclaimed by the …

§ 1466. When stored-value card presumed abandoned (a) Subject to section 1469 of this title, the net card value of a stored-value card, other than a payroll card, is presumed abandoned on the latest of three years after: (1) December 31 of the year in which the card is issued or …

§ 1467. When security presumed abandoned (a) Subject to section 1469 of this title, a security is presumed abandoned three years after: (1) the date a second consecutive communication sent by the holder by first-class U.S. mail to the apparent owner is returned to the holder unde…

§ 1468. When related property presumed abandoned At and after the time property is presumed abandoned under this chapter, any other property right or interest accrued or accruing from the property and not previously presumed abandoned is also presumed abandoned. (Added 2019, No. …

§ 1469. Indication of apparent owner interest in property (a) The period after which property is presumed abandoned is measured from the later of: (1) the date the property is presumed abandoned under this subchapter; or (2) the latest indication of interest by the apparent owner…

§ 1470. Knowledge of death of insured or annuitant (a) As used in this section, “Death Master File” means the U.S. Social Security Administration Death Master File or other database or service that is at least as comprehensive as the U.S. Social Security Administration Death Mast…

§ 1471. Deposit account for proceeds of insurance policy or annuity contract If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of the policy or contract and, …

§ 1472. Unclaimed life insurance benefits (a) As used in this section: (1) “Contract” means an annuity contract. The term “contract” shall not include an annuity used to fund an employment-based retirement plan or program where: (A) the insurer does not perform the record-keeping…

§ 1473. When abandonment period is accelerated Notwithstanding sections 1461 through 1469 of this title, and subject to section 1469 of this title: (1) If the holder has imposed a charge against property for reason of owner inactivity or the failure of the owner to claim the prop…

§ 1481. Address of apparent owner to establish priority In this subchapter, the following rules apply: (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the descri…

§ 1482. Address of apparent owner in this State The Administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if: (1) the last-known address of the apparent owner in the records of the holder is in th…

§ 1483. If records show multiple addresses of apparent owner (a) Except as in subsection (b) of this section, if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may take custody of …

§ 1484. Holder domiciled in this State (a) Except as in subsection (b) of this section or section 1482 or 1483 of this title, the Administrator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign country, if the holder is do…

§ 1485. Custody if transaction took place in this State Except as in section 1482, 1483, or 1484 of this title, the Administrator may take custody of property presumed abandoned whether located in this State or another state if: (1) the transaction out of which the property arose…

§ 1486. Traveler’s check, money order, or similar instrument The Administrator may take custody of sums payable on a traveler’s check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. §§ 2501 through 2503, as may be amended. (Added 2…

§ 1487. Burden of proof to establish Administrator’s right to custody If the Administrator asserts a right to custody of unclaimed property, the Administrator has the burden to prove: (1) the existence and amount of the property; (2) the property is presumed abandoned; and (3) th…

§ 1491. Report required by holder (a) A holder of property presumed abandoned and subject to the custody of the Administrator shall report in a record to the Administrator concerning the property. The Administrator may not require a holder to file a paper report. (b) A holder may…

§ 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 co…

§ 1493. When report to be filed (a) Except as otherwise provided in subsection (b) of this section and subject to subsection (c) of this section, the report under section 1491 of this title must be filed before May 1 of each year and cover the 12 months preceding January 1 of tha…

§ 1494. Retention of records by holder A holder required to file a report under section 1491 of this title shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided …

§ 1495. Property reportable and payable or deliverable absent owner demand Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment. (Added 2019, No. 93 (A…

§ 1496. Electric utility cooperatives (a) Electric utility cooperatives organized under or otherwise subject to 30 V.S.A. chapter 81 shall report capital credits that have been retired and declared payable by the cooperative’s board of directors, but that have not been claimed by…

§ 1501. Notice to apparent owner by holder (a) Subject to subsection (b) of this section, the holder of property presumed abandoned shall send to the apparent owner notice by first-class U.S. mail that complies with section 1502 of this title in a format acceptable to the Adminis…

§ 1502. Contents of notice by holder (a) Notice under section 1501 of this title must contain a heading that reads substantially as follows: “Notice. The State of Vermont requires us to notify you that your property may be transferred to the custody of the State Treasurer if you …

§ 1503. Notice by Administrator (a) The Administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner is held by the Administrator under this chapter. (b) In providing notice under subsection (a) of this sectio…

§ 1504. Cooperation among State officers and agencies to locate apparent owner Unless prohibited by law of this State other than this chapter, on request of the Administrator, each officer, agency, board, commission, division, and department of this State, any body politic and co…

§ 1511. Definition of good faith In this subchapter, payment or delivery of property is made in good faith if a holder: (1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the Administrato…

§ 1512. Dormancy charge (a) A holder may deduct a dormancy charge from property required to be paid or delivered to the Administrator if: (1) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim t…

§ 1513. Payment or delivery of property to Administrator (a) Except as otherwise provided in this section, on filing a report under section 1491 of this title, the holder shall pay or deliver to the Administrator the property described in the report. (b) If property in a report u…

§ 1514. Effect of payment or delivery of property to Administrator On payment or delivery of property to the Administrator under this chapter, the Administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers …

§ 1515. Recovery of property by holder from Administrator (a) A holder that under this chapter pays money to the Administrator may file a claim for reimbursement from the Administrator of the amount paid if the holder: (1) paid the money in error; or (2) after paying the money to…

§ 1516. Property removed from safe-deposit box Property removed from a safe-deposit box and delivered under this chapter to the Administrator under this chapter is subject to the holder’s right to reimbursement for the cost of opening the box and a lien or contract providing reim…

§ 1517. Crediting income or gain to owner’s account If property other than money is delivered to the Administrator, the owner is entitled to receive from the Administrator income or gain realized or accrued on the property before the property is sold. (Added 2019, No. 93 (Adj. Se…

§ 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 prop…

§ 1519. Disposition of property having no substantial value; immunity from liability (a) If the Administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the pro…

§ 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 a…

§ 1531. Public sale of property (a) Subject to section 1532 of this title, not earlier than three years after receipt of property presumed abandoned, the Administrator may sell the property. (b) Before selling property under subsection (a) of this section, the Administrator shall…

§ 1532. Disposal of securities (a) The Administrator may not sell or otherwise liquidate a security until three years after the Administrator receives the security and gives the apparent owner notice under section 1503 of this title that the Administrator holds the security. (b) …

§ 1533. Recovery of securities or value by owner (a) If the Administrator sells a security before the expiration of six years after delivery of the security to the Administrator, an apparent owner that files a valid claim under this chapter of ownership of the security before the…

§ 1534. Purchaser owns property after sale A purchaser of property at a sale conducted by the Administrator under this chapter takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder. The Administrator shall execute …

§ 1535. Military medal or decoration (a) The Administrator may not sell a medal or decoration awarded for military service in the U.S. Armed Forces. (b) The Administrator, with the consent of the respective organization under subdivision (1) of this subsection, agency under subdi…

§ 1541. Deposit of funds by administrator (a) All funds received under this chapter, including the proceeds from the sale of unclaimed property under subchapter 7 of this chapter shall immediately be received by the Administrator, except that the Administrator shall retain in a s…