Vermont Statutes Title 27 Sec. 1557
Terms Used In Vermont Statutes Title 27 Sec. 1557
- Administrator: means the Vermont State Treasurer. See
- Executor: A male person named in a will to carry out the decedent
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. 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
- Probate: Proving a will
- 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
§ 1557. Deceased owners; multiple claimants
(a) If the Administrator holds unclaimed property in the name of a deceased owner, the Administrator may deliver the property as follows:
(1) In the case of an open estate, to the Administrator or executor.
(2) In the case of a closed estate and the unclaimed property is valued at less than $5,000.00, in accordance with the Probate Division of the Superior Court decree of distribution.
(3) In the absence of an open estate or Probate Division of the Superior Court decree of distribution, and the unclaimed property is valued at less than $5,000.00 to the surviving spouse of the deceased owner, or, if there is no surviving spouse, then to the next of kin according to 14 V.S.A. § 314.
(4) In all other cases where the Administrator holds property in the name of a deceased owner, a probate estate shall be opened by the claimant, or other interested party, in order to determine the appropriate distribution of the unclaimed property. Where an estate is opened solely to distribute unclaimed property under this section, the Probate Division of the Superior Court may waive any filing fees.
(b) If the Administrator holds unclaimed property valued at $250.00 or less that more than one person owns, the Administrator may deliver the property as follows:
(1) If the property has been listed on the Administrator’s website for less than one year, a proportionate share to each of the persons who owns the property and who files a claim.
(2) If the property has been listed on the Administrator’s website for a year or more, to the first person who files a claim and who owns at least a share of the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)