§ 1513. Payment or delivery of property to Administrator
(a) Except as otherwise provided in this section, on filing a report under section 1491 of this title, the holder shall pay or deliver to the Administrator the property described in the report.
(b) If property in a report under section 1491 of this title is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the Administrator at the time of the report, the date for payment of the property to the Administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the Administrator of the extended date.
(c) Tangible property in a safe-deposit box may not be delivered to the Administrator until 120 days after filing the report under section 1491 of this title.
(d) If property reported to the Administrator under section 1491 of this title is a security, the Administrator may:
(1) make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security; or
(2) dispose of the security under section 1532 of this title.
(e) If the holder of property reported to the Administrator under section 1491 of this title is the issuer of a certificated security, the Administrator may obtain a replacement certificate in physical or book-entry form under 9A V.S.A. § 8-405. An indemnity bond is not required.
(f) The Administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the Administrator by a holder.
(g) An issuer, holder, and transfer agent or other person acting under this section under instructions of and on behalf of the issuer or holder is not liable to the apparent owner for, and must be indemnified by the State against, a claim arising with respect to property after the property has been delivered to the Administrator.
(h) A holder is not required to deliver to the Administrator a security identified by the holder as a non-freely transferable security. If the Administrator or holder determines that a security is no longer a non-freely transferable security, the holder shall deliver the security on the next regular date prescribed for delivery of securities under this chapter. The holder shall make a determination annually whether a security identified in a report filed under section 1491 of this title as a non-freely transferable security is no longer a non-freely transferable security. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
Structure Vermont Statutes
Chapter 18 - Unclaimed Property
§ 1453. Inapplicability to foreign transaction
§ 1461. When property presumed abandoned
§ 1462. When tax-deferred retirement account presumed abandoned
§ 1463. When other tax-deferred account presumed abandoned
§ 1464. When custodial account for minor presumed abandoned
§ 1465. When contents of safe-deposit box presumed abandoned
§ 1466. When stored-value card presumed abandoned
§ 1467. When security presumed abandoned
§ 1468. When related property presumed abandoned
§ 1469. Indication of apparent owner interest in property
§ 1470. Knowledge of death of insured or annuitant
§ 1471. Deposit account for proceeds of insurance policy or annuity contract
§ 1472. Unclaimed life insurance benefits
§ 1473. When abandonment period is accelerated
§ 1481. Address of apparent owner to establish priority
§ 1482. Address of apparent owner in this State
§ 1483. If records show multiple addresses of apparent owner
§ 1484. Holder domiciled in this State
§ 1485. Custody if transaction took place in this State
§ 1486. Traveler’s check, money order, or similar instrument
§ 1487. Burden of proof to establish Administrator’s right to custody
§ 1491. Report required by holder
§ 1493. When report to be filed
§ 1494. Retention of records by holder
§ 1495. Property reportable and payable or deliverable absent owner demand
§ 1496. Electric utility cooperatives
§ 1501. Notice to apparent owner by holder
§ 1502. Contents of notice by holder
§ 1503. Notice by Administrator
§ 1504. Cooperation among State officers and agencies to locate apparent owner
§ 1511. Definition of good faith
§ 1513. Payment or delivery of property to Administrator
§ 1514. Effect of payment or delivery of property to Administrator
§ 1515. Recovery of property by holder from Administrator
§ 1516. Property removed from safe-deposit box
§ 1517. Crediting income or gain to owner’s account
§ 1518. Administrator’s options as to custody
§ 1519. Disposition of property having no substantial value; immunity from liability
§ 1520. Periods of limitation and repose
§ 1531. Public sale of property
§ 1532. Disposal of securities
§ 1533. Recovery of securities or value by owner
§ 1534. Purchaser owns property after sale
§ 1535. Military medal or decoration
§ 1541. Deposit of funds by Administrator
§ 1542. Administrator to retain records of property
§ 1543. Expenses and service charges of Administrator
§ 1544. Administrator holds property as custodian for owner
§ 1551. Claim of another state to recover property
§ 1552. When property subject to recovery by another state
§ 1553. Claim for property by person claiming to be owner
§ 1554. When Administrator must honor claim for property
§ 1555. Allowance of claim for property
§ 1556. Action by person whose claim is denied
§ 1557. Deceased owners; multiple claimants
§ 1561. Verified report of property
§ 1562. Examination of records to determine compliance
§ 1563. Rules for conducting examination
§ 1564. Records obtained in examination
§ 1565. Evidence of unpaid debt or undischarged obligation
§ 1566. Failure of person examined to retain records
§ 1567. Report to person whose records were examined
§ 1568. Complaint to Administrator about conduct of person conducting examination
§ 1569. Administrator’s contract with another to conduct examination
§ 1570. Limit on future employment
§ 1571. Report by Administrator to General Assembly
§ 1572. Determination of liability for unreported reportable property
§ 1582. Review of Administrator’s determination
§ 1591. Judicial action to enforce liability
§ 1592. Interstate and international agreement; cooperation
§ 1593. Action involving another state or foreign country
§ 1594. Interest and penalty for failure to act in timely manner
§ 1596. Waiver of interest and penalty
§ 1601. When agreement to locate property enforceable
§ 1602. When agreement to locate property void
§ 1603. Right of agent of apparent owner to recover property held by Administrator
§ 1611. Definitions; applicability
§ 1612. Confidential information
§ 1613. When confidential information may be disclosed
§ 1614. Confidentiality agreement
§ 1615. No confidential information in notice
§ 1616. Security of information
§ 1618. Indemnification for breach
§ 1621. Uniformity of application and construction
§ 1622. Relation to Electronic Signatures in Global and National Commerce Act