Vermont Statutes Title 27 Sec. 1514
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 27 Sec. 1514
- Administrator: means the Vermont State Treasurer. 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
- 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
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U. See
§ 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 property to the Administrator in good faith and substantially complies with sections 1501 and 1502 of this title is relieved of liability arising thereafter with respect to payment or delivery of the property to the Administrator. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)