The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 27 : Property
Chapter 018 : Unclaimed Property
Subchapter 006 : Taking Custody of Property by Administrator
(Cite as: 27 V.S.A. § 1512)-
§ 1512. Dormancy charge
(a) A holder may deduct a dormancy charge from property required to be paid or delivered to the Administrator if:
(1) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and
(2) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
