Vermont Statutes Title 27 Sec. 1503
Terms Used In Vermont Statutes Title 27 Sec. 1503
- 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
- Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. 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
- Security: means :
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U. See
§ 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 section, the Administrator shall:
(1) except as otherwise provided in subdivision (2) of this subsection, send written notice by first-class U.S. mail to each apparent owner of property valued at $50.00 or more held by the Administrator, unless the Administrator determines that a mailing by first-class U.S. mail would not be received by the apparent owner, and, in the case of a security held in an account for which the apparent owner had consented to receiving electronic mail from the holder, send notice by electronic mail if the electronic-mail address of the apparent owner is known to the Administrator instead of by first-class U.S. mail; or
(2) send the notice to the apparent owner’s electronic-mail address if the Administrator does not have a valid U.S. mail address for an apparent owner, but has an electronic-mail address that the Administrator does not know to be invalid.
(c) In addition to the notice under subsection (b) of this section, the Administrator may use any of the following to provide additional notice to the apparent owners:
(1) publication in a newspaper of general circulation:
(A) in the area of the State in which the last known address of a person to be named in the notice is located;
(B) in the area in which the holder has its principal place of business in the State; or
(C) in the area the Administrator deems to provide the best opportunity to reach the apparent owner;
(2) individual contact by regular or electronic mail, or by telephone, if the treasurer has current contact information on file;
(3) any other manner and method that the treasurer considers effective for providing notice and publication.
(d) In addition to the notice under subsection (b) of this section, the Administrator shall maintain a website or database accessible by the public and electronically searchable that contains the names reported to the Administrator of all apparent owners for whom property is being held by the Administrator. The website or database maintained under this subsection must include instructions for filing with the Administrator a claim to property and a printable claim form with instructions for its use.
(e) In addition to giving notice under subsection (b) of this section, publishing the information under subdivision (c)(1) of this section and maintaining the website or database under subdivision (d)(2) of this section, the Administrator may use other printed publication, telecommunication, the Internet, or other media to inform the public of the existence of unclaimed property held by the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)