Administration of Property

V.S.A. tit. 27, ch. 18, subch. 8

in effect

27 V.S.A. § 1541 Deposit of funds by administrator

1541. Deposit of funds by administrator (a) All funds received under this chapter, including the proceeds from the sale of unclaimed property under subchapter 7 of this chapter shall immediately be received by the Administrator, except that the Administrator shall retain in a separate fund an amount not exceeding $100,000.00 or 55 percent of the funds received during the previous year, whichever is greater, from which the Administrator shall make prompt payment of claims duly allowed by the Administrator as provided in this section. (b) The Administrator shall maintain an account with an amount of funds the Administrator reasonably estimates is sufficient to pay claims allowed under this chapter. If the aggregate amount of claims by owners allowed at any time exceeds the amount held in the account, an excess claim must be paid by the Administrator. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021; amended 2023, No. 6, § 371, eff. July 1, 2023.

27 V.S.A. § 1542 Administrator to retain records of property

1542. Administrator to retain records of property The Administrator shall: (1) record and retain the name and last-known address of each person shown on a report filed under section 1491 of this title to be the apparent owner of property delivered to the Administrator; (2) record and retain the name and last-known address of each insured or annuitant and beneficiary shown on the report; (3) for each policy of insurance or annuity contract listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid; and (4) for each apparent owner listed in the report, record and retain the name of the holder that filed the report and the amount due or paid. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1543 Expenses and service charges of Administrator [Effective until January 1, 2040]

1543. Expenses and service charges of Administrator [Effective until January 1, 2040] Before making a deposit of funds received under this chapter to the General Fund, the Administrator may deduct: (1) expenses of disposition of property delivered to the Administrator under this chapter; (2) costs of mailing and publication in connection with property delivered to the Administrator under this chapter; (3) reasonable service charges; (4) expenses incurred in examining records of or collecting property from a putative holder or holder; and (5) property valued at $100.00 or less more than 10 years after the abandoned property was received from the holder under subchapter 6 of this chapter shall be paid by the Administrator into the Vermont Higher Education Endowment Trust Fund created by 16 V.S.A. § 2885 under authority of this subdivision. For purposes of this subdivision, the value of the abandoned property shall be that value as of the date the property was received from the holder by the Administrator. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1544 Administrator holds property as custodian for owner

1544. Administrator holds property as custodian for owner Property received by the Administrator under this chapter is held in custody for the benefit of the owner and is not owned by the State. 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