Agreement to Locate Property of Apparent Owner Held by Administrator

V.S.A. tit. 27, ch. 18, subch. 13

in effect

27 V.S.A. § 1601 When agreement to locate property enforceable

1601. When agreement to locate property enforceable An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the Administrator, is enforceable only if the agreement: (1) is in a record that clearly states the nature of the property and the services to be provided; (2) is signed by or on behalf of the apparent owner; and (3) states the amount or value of the property reasonably expected to be recovered, computed before and after a fee or other compensation to be paid to the person has been deducted. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1602 When agreement to locate property void

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.

27 V.S.A. § 1603 Right of agent of apparent owner to recover property held by Administrator

1603. Right of agent of apparent owner to recover property held by Administrator (a) An apparent owner that contracts with another person to locate, deliver, recover, or assist in the location, delivery, or recovery of property of the apparent owner that is held by the Administrator may designate the person as the agent of the apparent owner. The designation must be in a record signed by the apparent owner. (b) The Administrator shall give the agent of the apparent owner all information concerning the property that the apparent owner is entitled to receive, including information that otherwise is confidential information under section 1612 of this title. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1604 Asset locators

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.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/27/018Fetched: 10/21/2026