Vermont Statutes Title 27 Sec. 1602
Terms Used In Vermont Statutes Title 27 Sec. 1602
- 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
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. 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
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mineral: means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this State other than this chapter. See
- Mineral proceeds: means an amount payable for extraction, production, or sale of minerals, or, on the abandonment of the amount, an amount that becomes payable after abandonment. 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
- 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
§ 1602. When agreement to locate property void
(a) Subject to subsection (b) of this section, an agreement under section 1601 of this title is void if it is entered into during the period beginning on the date the property was paid or delivered by a holder to the Administrator and ending 24 months after the payment or delivery.
(b) If a provision in an agreement described in subsection (a) of this section applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.
(c) An agreement under subsection (a) of this section that provides for compensation in an amount that is unconscionable is unenforceable except by the apparent owner. An apparent owner that believes the compensation the apparent owner has agreed to pay is unconscionable or the Administrator, acting on behalf of an apparent owner, or both, may bring an action in the appropriate court to reduce the compensation to the maximum amount that is not unconscionable. On the final determination of an action filed under this subsection, the court may, on application, award the prevailing party its reasonable attorney’s fees, costs, and expenses of litigation.
(d) An apparent owner or the Administrator may assert that an agreement described in this section is void on a ground other than it provides for payment of unconscionable compensation.
(e) This section does not apply to an apparent owner’s agreement with an attorney to pursue a claim for recovery of specifically identified property held by the Administrator or to contest the Administrator’s denial of a claim for recovery of the property.
(f) An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that is presumed abandoned and that provides for compensation that exceeds 10 percent of the value of the unclaimed property, shall be unenforceable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)