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Vermont Statutes Title 27. Property, § 1503. Notice by Administrator

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The Administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner is held by the Administrator under this chapter.

(b) In providing notice under subsection (a) of this section, the Administrator shall:

(1) except as otherwise provided in subdivision (2) of this subsection, send written notice by first-class U.S. mail to each apparent owner of property valued at $50.00 or more held by the Administrator, unless the Administrator determines that a mailing by first-class U.S. mail would not be received by the apparent owner, and, in the case of a security held in an account for which the apparent owner had consented to receiving electronic mail from the holder, send notice by electronic mail if the electronic-mail address of the apparent owner is known to the Administrator instead of by first-class U.S. mail; or

(2) send the notice to the apparent owner's electronic-mail address if the Administrator does not have a valid U.S. mail address for an apparent owner, but has an electronic-mail address that the Administrator does not know to be invalid.

(c) In addition to the notice under subsection (b) of this section, the Administrator may use any of the following to provide additional notice to the apparent owners:

(1) publication in a newspaper of general circulation:

(A) in the area of the State in which the last known address of a person to be named in the notice is located;

(B) in the area in which the holder has its principal place of business in the State; or

(C) in the area the Administrator deems to provide the best opportunity to reach the apparent owner;

(2) individual contact by regular or electronic mail, or by telephone, if the treasurer has current contact information on file;

(3) any other manner and method that the treasurer considers effective for providing notice and publication.

(d) In addition to the notice under subsection (b) of this section, the Administrator shall maintain a website or database accessible by the public and electronically searchable that contains the names reported to the Administrator of all apparent owners for whom property is being held by the Administrator. The website or database maintained under this subsection must include instructions for filing with the Administrator a claim to property and a printable claim form with instructions for its use.

(e) In addition to giving notice under subsection (b) of this section, publishing the information under subdivision (c)(1) of this section and maintaining the website or database under subdivision (d)(2) of this section, the Administrator may use other printed publication, telecommunication, the Internet, or other media to inform the public of the existence of unclaimed property held by the Administrator.

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Cite this article: FindLaw.com - Vermont Statutes Title 27. Property, § 1503. Notice by Administrator - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-27-property/vt-st-tit-27-sect-1503/

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