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Searching 2017-2018 Session

The Vermont Statutes Online

Title 27 : Property


(Cite as: 27 V.S.A. § 1241)
  • § 1241. Definitions

    As used in this chapter, unless the context otherwise requires:

    (1) "Apparent owner" means the person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder.

    (2) "Asset locator" means a person who enters into an agreement with an owner the primary purpose of which is to locate, deliver, recover, or assist for compensation in the recovery of property that is presumed abandoned.

    (3) "Business association" means any corporation, joint stock company, investment company, business trust, partnership, unincorporated association, joint venture, limited liability company, trust company, safe deposit company, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one or more persons, whether or not for profit.

    (4) "Domicile" means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation.

    (5) "Financial organization" means any savings and loan association, savings bank, bank, banking organization, or credit union.

    (6) "Holder" means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this chapter.

    (7) "Insurance company" means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, title, captive insurance and workers' compensation insurance.

    (8) "Mineral" means gas; oil; coal; other gaseous, liquid, and solid hydrocarbons; oil shale; cement material; sand and gravel; road material; building stone; chemical raw material; gemstone; fissionable and nonfissionable ores; colloidal and other clay; steam and other geothermal resource; or any other substance defined as a mineral by the laws of this state.

    (9) "Mineral proceeds" means amounts payable for the extraction, production, or sale of minerals, or, upon the abandonment of those payments, all payments that become payable thereafter. The term includes amounts payable:

    (A) for the acquisition and retention of a mineral lease, including bonuses, royalties, compensatory royalties, shut-in royalties, minimum royalties, and delay rentals;

    (B) for the extraction, production, or sale of minerals, including net revenue interests, royalties, overriding royalties, extraction payments, and production payments; and

    (C) under an agreement or option, including a joint operating agreement, unit agreement, pooling agreement, and farm-out agreement.

    (10) "Money order" means an express money order or a personal money order, on which the remitter is the purchaser. The term does not mean a bank money order or any other instrument sold by a financial organization if the seller has obtained the name and address of the payee.

    (11) "Owner" means a person, or the person's legal representative, who has a legal or equitable interest in property subject to this chapter. The term includes a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, and a creditor, claimant, or payee in the case of other property.

    (12) "Person" means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

    (13) "Property" means tangible property described in section 1243 of this title or a fixed and certain interest in intangible property that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency, or instrumentality, and all income or increments therefrom. The term includes property that is referred to as or evidenced by:

    (A) money, a check, draft, deposit, interest, or dividend;

    (B) credit balance, customer's overpayment, security deposit, refund, credit memorandum, unpaid wage, unused ticket, mineral proceeds, or unidentified remittance;

    (C) stock or other evidence of ownership of an interest in a business association or financial organization;

    (D) a bond, debenture, note, or other evidence of indebtedness;

    (E) money deposited to redeem stocks, bonds, coupons, or other securities or to make distributions;

    (F) an amount due and payable under the terms of an annuity or insurance policy, including policies providing life insurance, property and casualty insurance, workers' compensation insurance, or health and disability insurance; and

    (G) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.

    (14) "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.

    (15) "State" means a state of the United States of America, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States of America.

    (16) "Treasurer" means the treasurer of the state of Vermont or a designee of the treasurer.

    (17) "Utility" means a person who owns or operates for public use any plant, equipment, real property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. (Added 2005, No. 161 (Adj. Sess.), § 1.)