Vermont Statutes Title 27 Sec. 1467
Terms Used In Vermont Statutes Title 27 Sec. 1467
- 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
- 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
- Security: means :
§ 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 undelivered by the U.S. Postal Service; or
(2) if the second communication is made later than 30 days after the first communication is returned, the date the first communication is returned undelivered to the holder by the U.S. Postal Service.
(b) If the holder does not send communications to the apparent owner of a security by first-class U.S. mail, the holder shall attempt to confirm the apparent owner’s interest in the security by sending the apparent owner an electronic-mail communication not later than two years after the apparent owner’s last indication of interest in the security. However, the holder promptly shall attempt to contact the apparent owner by first-class U.S. mail if:
(1) the holder does not have information needed to send the apparent owner an electronic-mail communication or the holder believes that the apparent owner’s electronic-mail address in the holder’s records is not valid;
(2) the holder receives notification that the electronic-mail communication was not received; or
(3) the apparent owner does not respond to the electronic-mail communication not later than 30 days after the communication was sent.
(c) If first-class U.S. mail sent under subsection (b) of this section is returned to the holder undelivered by the U.S. Postal Service, the security is presumed abandoned three years after the date the mail is returned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)