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 008 : Administration of Property
(Cite as: 27 V.S.A. § 1541)-
§ 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.)
