Vermont Statutes Title 27 Sec. 1533
Terms Used In Vermont Statutes Title 27 Sec. 1533
- 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
- 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
- Security: means :
§ 1533. Recovery of securities or value by owner
(a) If the Administrator sells a security before the expiration of six years after delivery of the security to the Administrator, an apparent owner that files a valid claim under this chapter of ownership of the security before the six-year period expires is entitled, at the option of the Administrator, to receive:
(1) replacement of the security; or
(2) the market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid.
(b) Replacement of the security or calculation of market value under subsection (a) must take into account a stock split, reverse stock split, stock dividend, or similar corporate action.
(c) A person that makes a valid claim under this chapter of ownership of a security after expiration of six years after delivery of the security to the Administrator is entitled to receive:
(1) the security the holder delivered to the Administrator, if it is in the custody of the Administrator, plus dividends, interest, and other increments on the security up to the time the Administrator delivers the security to the person; or
(2) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)