Vermont Statutes Title 27 Sec. 1516
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Terms Used In Vermont Statutes Title 27 Sec. 1516
- Administrator: means the Vermont State Treasurer. See
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
§ 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 reimbursement to the holder for unpaid rent charges for the box. The Administrator shall reimburse the holder from the proceeds remaining after deducting the expense incurred by the Administrator in selling the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)