Vermont Statutes Title 27 Sec. 1501
Terms Used In Vermont Statutes Title 27 Sec. 1501
- Administrator: means the Vermont State Treasurer. See
- 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
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. 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
- 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
§ 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 Administrator not more than 180 days nor less than 60 days before filing the report under section 1491 of this title if:
(1) the holder has in its records an address for the apparent owner that the holder’s records do not disclose to be invalid and is sufficient to direct the delivery of first-class U.S. mail to the apparent owner; and
(2) the value of the property is $50.00 or more.
(b) If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder shall send the notice described in subsection (a) of this section both by first-class U.S. mail to the apparent owner’s last-known mailing address and by electronic mail, unless the holder believes that the apparent owner’s electronic-mail address is invalid. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)