Vermont Statutes Title 27 Sec. 1531
Terms Used In Vermont Statutes Title 27 Sec. 1531
- Administrator: means the Vermont State Treasurer. 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
§ 1531. Public sale of property
(a) Subject to section 1532 of this title, not earlier than three years after receipt of property presumed abandoned, the Administrator may sell the property.
(b) Before selling property under subsection (a), the Administrator shall give notice to the public of:
(1) the date of the sale; and
(2) a reasonable description of the property.
(c) A sale under subsection (a) of this section must be to the highest bidder:
(1) at public sale at a location in this State that the Administrator determines to be the most favorable market for the property;
(2) on the Internet; or
(3) on another forum the Administrator determines is likely to yield the highest net proceeds of sale.
(d) The Administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the Administrator determines the highest bid is insufficient.
(e) If a sale held under this section is to be conducted other than on the Internet, the Administrator must publish at least one notice of the sale, at least three weeks but not more than five weeks before the sale, in a newspaper of general circulation in the county in which the property is sold. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)