§ 1513. Payment or delivery of property to Administrator
(a) Except as otherwise provided in this section, on filing a report under section 1491 of this title, the holder shall pay or deliver to the Administrator the property described in the
report.
(b) If property in a report under section 1491 of this title is an automatically renewable deposit and a penalty or forfeiture in the payment
of interest would result from paying the deposit to the Administrator at the time
of the report, the date for payment of the property to the Administrator is extended
until a penalty or forfeiture no longer would result from payment, if the holder informs
the Administrator of the extended date.
(c) Tangible property in a safe-deposit box may not be delivered to the Administrator
until 120 days after filing the report under section 1491 of this title.
(d) If property reported to the Administrator under section 1491 of this title is a security, the Administrator may:
(1) make an endorsement, instruction, or entitlement order on behalf of the apparent owner
to invoke the duty of the issuer, its transfer agent, or the securities intermediary
to transfer the security; or
(2) dispose of the security under section 1532 of this title.
(e) If the holder of property reported to the Administrator under section 1491 of this title is the issuer of a certificated security, the Administrator may obtain a replacement
certificate in physical or book-entry form under 9A V.S.A. § 8-405. An indemnity bond is not required.
(f) If property reported to the Administrator under section 1491 of this title is virtual currency, the holder shall liquidate the virtual currency and remit the
proceeds to the Administrator. The liquidation shall occur anytime within 30 days
prior to the remittance. The owner of the property shall not have recourse against
the holder or the Administrator to recover any gain in value that occurs after the
liquidation of the virtual currency for property properly reported as set forth in
this chapter.
(g) The Administrator shall establish procedures for the registration, issuance, method
of delivery, transfer, and maintenance of securities delivered to the Administrator
by a holder.
(h) An issuer, holder, and transfer agent or other person acting under this section under
instructions of and on behalf of the issuer or holder is not liable to the apparent
owner for, and must be indemnified by the State against, a claim arising with respect
to property after the property has been delivered to the Administrator.
(i) A holder is not required to deliver to the Administrator a security identified by
the holder as a nonfreely transferable security. If the Administrator or holder determines
that a security is no longer a nonfreely transferable security, the holder shall deliver
the security on the next regular date prescribed for delivery of securities under
this chapter. The holder shall make a determination annually whether a security identified
in a report filed under section 1491 of this title as a nonfreely transferable security is no longer a nonfreely transferable security. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021; amended 2023, No. 87 (Adj. Sess.), § 83, eff. March 13, 2024.)