Vermont Statutes Title 27 Sec. 1604
Terms Used In Vermont Statutes Title 27 Sec. 1604
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See
§ 1604. Asset locators
(a) All asset locators seeking to interact with the Administrator on behalf of apparent owners shall first register with Administrator on forms prescribed by the Administrator. Registration information shall include an asset locator’s previous business experience and whether the asset locator has a criminal record. In order to obtain and maintain registered status, all asset locators shall post a performance bond of not less than $10,000.00 to insure the Administrator against any fraudulent or mistaken claims that may arise as a result of an asset locator’s representation of an apparent owner. A copy of any agreement, or contract, between an asset locator and an apparent owner shall be filed with the Administrator, together with a signed by the apparent owner and notarized “notice to claimant” form, as prescribed by the Administrator, describing the rights of the apparent owner under this subchapter.
(b) An owner may not assign his or her rights, or property interests, under this chapter to an asset locator. No power of attorney containing provisions contrary to this section shall be enforceable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)