Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. You should check the State Laws for updates.
Vermont Statutes
TITLE 27: Property
CHAPTER 13: UNCLAIMED PROPERTY
Title 27, Chap. 13, §1201-1207. Repealed. 1964, No. 35 (Sp. Sess.),§31, eff. Jan. 1, 1965.
Definitions.
As used in this chapter unless the context otherwise requires:
(a) "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held by the holder.
(b) "Banking organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company or a private banker or such other organization defined by the laws of the United States or of this state as a bank or banking organization.
(c) "Business association" means any corporation (other than a state-owned corporation), joint stock company, business trust, partnership or any association for business purposes of two or more individuals, whether or not for profit, including but not limited to a banking organization, financial organization, life insurance corporation and utility.
(d) "Financial organization" means any savings and loan association, building and loan association, credit union, cooperative bank or investment company.
(e) "Employee benefit trust distribution" means any money, life insurance, endowment or annuity policy or proceeds thereof, securities or other intangible property, and any tangible property, distributable to a participant, former participant, or the beneficiary or estate or heirs of a participant or former participant or beneficiary, from a trust or custodial fund established under a plan to provide health and welfare, pension, vacation, severance, retirement benefit, death benefit, stock purchase, profit sharing, employee savings, supplemental unemployment insurance benefits, or similar benefits.
(f) "Holder" means any person wherever organized or domiciled in possession of property belonging to another, or who is trustee in case of a trust or is indebted to another on an obligation.
(g) "Insurance corporation" means any association or corporation transacting the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities; disability, accident and health insurance; and property, casualty and surety insurance.
(h) "Owner" means a depositor in case of a deposit, a beneficiary in the case of a trust, a creditor, claimant, or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to this chapter, or his or her legal representative.
(i) "Person" means any individual, business association, government or governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having common or joint interest, or any other legal or commercial entity. "Government or governmental subdivision or agency" includes the United States government and any officer, department or agency thereof.
(j) "Utility" means any person who owns or operates for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.
(k) "Treasurer" shall mean the treasurer of the state of Vermont.
Title 27, Chap. 13, §1208
Property held by banking or financial organizations or business associations.
(a) Any demand, savings, or matured time deposits with a banking or financial organization, including deposits that are automatically renewable, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a financial organization and any interest or dividends thereon, excluding any charges that may lawfully be withheld, is presumed abandoned unless the owner within five years has:
(1) In the case of a deposit, increased or decreased the amount of the deposit or presented the passbook or similar evidence of the deposit for the crediting of interest; or
(2) Communicated in writing with the banking or financial organization concerning the property; or
(3) Otherwise indicated an interest in the property as evidenced by a memorandum on file prepared by an employee of the banking or financial organization; or
(4) Been sent by first class mail a statement of account or other associated mailing from the bank or financial institution, which has not been returned by the postal service as undeliverable. In the event the mailing was returned undeliverable, the property shall be considered abandoned five years after the return, unless the owner during that five years takes any action described in subdivisions (1), (2) or (3) of this subsection.
(b) Any sum payable on a travelers check issued by a banking or financial institution or a business association that has been outstanding for more than fifteen years after its issuance is presumed abandoned if the owner, for more than fifteen years, has not communicated in writing with the banking or financial organization or business association concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization or business association.
(c) A sum payable on any other written instruments on which a banking or financial organization or business association is directly liable, including but not limited to, certified checks, or drafts, that has been outstanding for more than five years from the date it was payable or after its issuance if payable on demand, or any sum payable on a money order that has been outstanding for more than seven years after its issuance, is presumed abandoned unless the owner has within five years, or within seven years in the case of a money order, communicated in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file prepared by an employee of the banking or financial organization or business association.
(d) Any property automatically renewable according to its terms that is subject to subsection (a) of this section shall be deemed matured for purposes of this section upon the expiration of its initial term. If at the time provided for delivery in section 1222 of this title, a penalty or forfeiture in the payment of interest would result from the delivery of any such property, the time for delivery shall be extended until such time as no penalty or forfeiture would result.
(e) Notwithstanding anything to the contrary in this section, in the event any type of property subject to this section is an asset of an Individual Retirement Account or Keogh Plan, established pursuant to 26 U.S.C. § 408(a) or 26 U.S.C. § 401(a)respectively, it shall not be deemed matured or otherwise reportable if, under the terms of such plan, distribution of all or part of the property would not then be mandatory.
(f) No holder shall deduct from the amount of any draft, registered check, money order, certified check, travelers check, cashier's check, treasurer's check or any similar written instrument any charges imposed by reason of the failure to present such items for encashment unless:
(1) there is a valid, enforceable and written contract between the holder and the owner of the property pursuant to which the holder may impose such charges; and
(2) the holder regularly imposes such charges and does not regularly reverse or otherwise cancel such charges with respect to such property.
(g) All wages due and unclaimed by an employee are presumed abandoned at the end of two years from the time the wages were payable, at which time the wage payer shall report according to section 1220 of this title.
Title 27, Chap. 13, §1209
Contents of safe deposit box or other safekeeping depository
box.
The contents of any safe deposit box or any safekeeping repository
in the state on which the lease or rental period has expired due to nonpayment
of rental charges or other reason that have been unclaimed by the owner
for more than five years from the date on which the lease or rental period
expired, or from the date of termination of any agreement because of which
the box or other repository was furnished to the owner without cost, whichever
last occurs, are presumed abandoned.
Title 27, Chap. 13, §1209a
Unclaimed funds held by life insurance corporations
(a) Funds held or owing by a life insurance corporation under any life or endowment insurance policy or annuity contract which has matured or terminated are presumed abandoned if unclaimed for more than five years after the funds became due and payable as established from the records of the corporation.
(b) If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
(c) For purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the corporation is deemed matured and the proceeds due and payable if:
(1) the corporation is aware that the insured or annuitant has died; or
(2)
(A) the insured has attained, or would have attained if he or she were living, the limiting age under the mortality table on which the reserve is based; and
(B) the policy was in force at the time the insured attained, or would have attained, the limiting age specified in subdivision (2)(A) of this subsection; and
(C) neither the insured nor any other person appearing to have an interest in the policy has, within the preceding five years, according to the records of the corporation assigned, readjusted, or paid premiums on the policy, subjected the policy to loan or corresponded in writing with the corporation concerning the policy.
(d) If the laws of this state or the terms of the life insurance policy require the corporation to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice is given to an insured or owner whose last known address according to the records of the corporation is in this state and is undeliverable, the corporation shall make a reasonable search to ascertain the policyholder's correct address to which the notice shall be mailed. In the event the corporation becomes aware of the death of the insured, the life insurance policy shall be deemed matured as provided in subdivision (c)(1) of this section.
(e) Notwithstanding any other provision of law, at such time as the corporation is aware of the death of the insured or annuitant and the beneficiary has not contacted the insurer within 120 days thereof, the corporation shall take reasonable steps to pay the proceeds to the beneficiary.
(f) Commencing two years after July 1, 1986, every change of beneficiary form issued by a life insurance corporation to an insured or owner who is a resident of this state shall request the following information:
(1) name of every beneficiary, or in the event a class of beneficiaries is named, the name of each current beneficiary in the class, and
(2) address of every beneficiary, and
(3) relationship of every beneficiary to the insured.
Title 27, Chap. 13, §1210
Insurance other than life insurance
(a) Unclaimed funds, as defined in this section, held and owing by a fire, casualty or surety insurance corporation shall be presumed abandoned if the last known address according to the records of the corporation, of the person entitled to the funds is within this state. If a person other than the insured, the principal, or the claimant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured, the principal, or the claimant according to the records of the corporation.
(b) "Unclaimed funds," as used in this section, means all moneys held and owing by any fire, casualty or surety insurance corporation unclaimed and unpaid for more than five years after the moneys become due and payable as established from the records of the corporation either to an insured, a principal, or a claimant under any fire, casualty or surety insurance policy or contract.
(c) Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
Title 27, Chap. 13, §1210a
Deposits and refunds held by utilities
The following funds held or owing by any utility are presumed abandoned:
(1) Any deposit, including any interest thereon, made by a subscriber with a utility to secure payment for, or any sum paid in advance for utility services to be furnished, less any lawful deduction, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than five years after the termination of the services for which the deposit or advance payment was made.
(2) Any sum which a utility has been ordered to refund and which was received for utility services rendered, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than five years after it became payable in accordance with the final determination or order providing for the refund, regardless of whether the final determination or order requires any person entitled to a refund to make a claim therefor.
Title 27, Chap. 13, §1211
Undistributed dividends and distributions
Any stock or other certificate of ownership, or any dividend, profit,
distribution, interest, principal, payment on principal, or other sum held
or owing by a business association for or to a shareholder, certificate
holder, member, bondholder, or other security holder, or a participating
patron of a cooperative, who has not claimed it, or corresponded in writing
with the business association concerning it, within five years after the
date prescribed for payment or delivery, is presumed abandoned if:
(1) It is held or owing by a business association organized under the laws of or created in this state; or
(2) It is held or owing by a business association doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state; or
(3) The person entitled thereto has no last known address and the person or entity originating or issuing the property is this state or any political subdivision of this state, or is incorporated, organized, created or otherwise located or doing business in this state.
Title 27, Chap. 13, §1213
Property of business associations and banking or financial organizations
held in course of dissolution.
All intangible personal property distributed in the course of a
voluntary dissolution of a business association, banking organization,
or financial organization organized under the laws of or created in this
state, that is unclaimed by the owner within two years after the date for
final distribution, is presumed abandoned.
Title 27, Chap. 13, §1214
Property held by fiduciaries
All tangible personal property located in this state and all intangible
personal property and any income or increment on such tangible or intangible
property, held in a fiduciary capacity for the benefit of another person
is presumed abandoned unless the owner has, within five years after he
or she has become sui juris and it becomes payable or distributable, increased
or decreased the principal, accepted payment of principal or income, corresponded
in writing concerning the property, or otherwise indicated an interest
as evidenced by a memorandum on file with the fiduciary.
Title 27, Chap. 13, §1215
Express trust
This chapter shall not apply to an active express trust.
Title 27, Chap. 13, §1216
Property held by states, state courts and public officers and agencies.
(a) All intangible personal property held for the owner by any state, state or federal court, public corporation, public authority, or public officer, or a political subdivision, that has remained unclaimed by the owner for more than five years is presumed abandoned. However, this provision shall in no way affect the laws of this state relating to such property in the custody or control of any state court or on deposit or that may be deposited in a bank or other depository to the credit of any court in any case, and if any federal statute provides for the distribution of any unclaimed property subject to the jurisdiction of a federal court, this statute shall not apply.
(b) If the holder of unclaimed property covered by this chapter is a state that has taken custody pursuant to its own unclaimed property laws, no additional period of holding beyond that of such state is required for the property to be presumed abandoned under this chapter.
Title 27, Chap. 13, §1217
Miscellaneous personal property held for another person
All intangible personal property, not otherwise covered by this
chapter, including any income or increment thereon and deducting any lawful
charges, that is held or owing in the ordinary course of the holder's business
and has remained unclaimed by the owner for more than five years after
it became payable or distributable is presumed abandoned.
Title 27, Chap. 13, §1218
Reciprocal actions and agreements with other states.
(a) At the request of another state, the attorney general of this state may bring an action in the name of the administrator of the abandoned property law of the other state, in any court of appropriate jurisdiction to enforce the unclaimed property laws of the other state against a holder in this state of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in bringing the action.
(b) The state treasurer may request that the attorney general of another state or any other person bring an action in the name of the state treasurer in the other state. This state shall pay all expenses including attorney's fees in any action under this subsection. Expenses paid pursuant to this subsection may not be deducted from the amount that is subject to a claim by an owner in accordance with this chapter.
(c) The state treasurer may enter into an agreement to provide information needed to enable another state to audit or otherwise determine unclaimed property it may be entitled to escheat or subject to a claim of custody as abandoned property. The state treasurer may by rule require the reporting of information needed to enable him or her to comply with agreements made pursuant to this section and prescribe forms, including verification of the information to be reported and the times for filing the reports.
(d) The state treasurer may join with other states to seek enforcement of this chapter against any person who is or may be holding property reportable under this chapter.
Title 27, Chap. 13, §1219
Report of abandoned property.
(a) Every person holding funds or other property, tangible or intangible, presumed abandoned under this chapter shall report to the state treasurer with respect to the property as hereinafter provided.
(b) The report shall be verified and shall include:
(1) The name, if known, and last known address, if known, of each person appearing from the records of the holder to be the owner of any property of the value of $25.00 or more presumed abandoned under this chapter;
(2) In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant, the beneficiary and their last known addresses according to the life insurance corporation's records;
(3) In the case of the contents of a safe deposit box or other safekeeping repository or in the case of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator, in which case the report must set forth any amounts owing to the holder as shown under section 1223 of this title;
(4) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $25.00 each may be reported in the aggregate;
(5) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and
(6) Other information which the state treasurer prescribes by rule as necessary for the administration of this chapter, including a list of property and the apparent owners of such property concerning which notice under subsection (e) of this section has been sent.
(c) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his or her name while holding the property, he or she shall file with his report all prior known names and addresses of each holder of the property.
(d) The report of all organizations, associations and holders of property shall be filed before May 1st of every year. The state treasurer may postpone the reporting date upon written request by any person required to file a report.
(e) If the holder of property presumed abandoned under this chapter has in its records an address of the apparent owner and if the owner's claim has not been barred by the statute of limitations, the holder shall, not more than 120 days prior to filing the report required by this section, send written notice to the owner at his or her last known address to prevent abandonment from being presumed. Such written notice shall not be required if the value of the property is less than $25.00.
(f) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer or his or her designee.
Title 27, Chap. 13, §1220
Notice and publication of lists of abandoned property.
(a) The state treasurer shall cause notice to be published not later than October 1 of the year in which the report is made at least once a week for two consecutive weeks in a newspaper of general circulation in the county or city in this state in which is located the last known address of any person to be named in the notice. If no address is listed or if the address is outside this state, the notice shall be published in the county or city in which the holder of the property has his or her principal place of business within this state.
(b) The published notice shall be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property," and shall contain:
(1) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county or city as hereinbefore specified.
(2) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the state treasurer.
(3) A statement that the property is in the custody of the state treasurer and that all further claims must thereafter be directed to the state treasurer.
(c) The state treasurer is not required to publish in such notice any item of less than $50.00 unless he or she considers such publication to be in the public interest. The state treasurer is not required to publish in such notice the names of apparent owners who are state agencies, political subdivisions of the state, institutions, or individuals within the state whose whereabouts are known to the treasurer, and who have received written notice from the treasurer, unless the treasurer considers such publication to be in the public interest.
(d), (e) [Repealed.]
(f) This section is not applicable to sums payable on travelers checks, money orders, and similar written instruments that are presumed abandoned.
Title 27, Chap. 13, §1221
Payment or delivery of abandoned property.
Every person who files a report as provided by section 1220 of
this title shall, at the time of filing such report with the state treasurer,
pay or deliver to the state treasurer all abandoned property specified
in the report.
Title 27, Chap. 13, §1222
Relief from liability by payment or delivery.
(a) Upon the payment of unclaimed funds or delivery of abandoned property to the state treasurer, the state shall assume custody and shall be responsible for the safekeeping thereof. Any person who pays unclaimed funds or delivers abandoned property to the state treasurer under this chapter is relieved of all liability and by accepting payment or delivery the state agrees to indemnify and forever hold harmless the delivering person, to the extent of the amount of the unclaimed funds so paid or the value of the property so delivered, for any claim which then exists or which may thereafter arise or be made in respect to the funds or property as the case may be including claims by other states or governments.
(b) Any former holder who has paid moneys to the state treasurer pursuant to this chapter may make payment to any other person appearing to be entitled thereto and, upon proof of such payment and proof that the payee was entitled thereto, the state treasurer shall forthwith reimburse the holder for such payment. Upon the payment of unclaimed funds or delivery of abandoned property to the state treasurer as aforesaid, any claim which any person may have to such funds or property shall thereby become the obligation of this state.
(c) In the event legal proceedings are instituted against any person by another state with respect to unclaimed funds paid to the state treasurer, such person shall give written notification to the state treasurer and the attorney general of this state of such proceedings and the attorney general may in his discretion, intervene therein. If a judgment is entered against such person the state treasurer shall, upon being furnished with proof of payment in satisfaction of said judgment, immediately reimburse such person for the amount so paid, not to exceed the amount theretofore paid to the state treasurer except that the state treasurer shall also immediately reimburse such person for any legal fees, costs, and other expenses incurred in such legal proceedings.
(d) Any obligation to make reimbursement of moneys paid to the state treasurer under this chapter shall be the obligation of this state. Any amount payable pursuant to the reimbursement provisions of the chapter or payable under any judgment against the state, shall be paid from the separate trust fund established by this chapter or, if the separate trust fund is insufficient, from state taxes levied upon all taxable property or income. If such judgment remains unsatisfied ninety days following the date of entry thereof, the amount of such judgment may be used as a credit against any taxes then due or thereafter becoming due to the state by the person in whose favor judgment was rendered.
(e) No personal liability shall attach to any action of the state treasurer taken under this chapter.
Title 27, Chap. 13, §1223
Income accruing after payment or delivery.
When property is paid or delivered to the state treasurer under
this chapter, the owner is not entitled to receive income or other increments
accruing thereafter.
Title 27, Chap. 13, §1224
Periods of limitations not a bar.
The expiration of any period of time specified by statute or court
order, during which an action or proceeding may be commenced or enforced
to obtain payment of a claim for money or recovery of property, shall not
prevent the money or property from being presumed abandoned property, nor
affect any duty to file a report required by this chapter or to pay or
deliver abandoned property to the state treasurer.
Title 27, Chap. 13, §1225
Abandoned property; public sale.
(a) All abandoned property other than money delivered to the state treasurer under this chapter shall within one year after the delivery be sold by him to the highest bidder at public sale in whatever city in the state affords in his judgment the most favorable market for the property involved. The state treasurer may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion, the probable cost of sale exceeds the value of the property.
(b) Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county or city where the property is to be sold.
(c) The purchaser at any sale conducted by the state treasurer pursuant to this chapter shall receive title to the property purchased, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The state treasurer shall execute all documents necessary to complete the transfer of title.
(d) The state treasurer may, by a public sale, dispose of all property which is in the possession of the state police or the department of fish and wildlife, and which, in the judgment of the commissioners of public safety or fish and wildlife is no longer necessary to a criminal proceeding. For the purposes of this section "property" refers to lost property and to property which came into the possession of the state police or department of fish and wildlife in the course of a criminal investigation and in respect to which the owner is unknown. No personal liability shall attach to any actions of the state treasurer or the commissioners of public safety or fish and wildlife taken in accordance with such sales. Whenever property in the possession of the department of fish and wildlife is sold pursuant to this subsection, the proceeds shall be deposited in the fish and wildlife fund.
Title 27, Chap. 13, §1226
Deposit of funds.
(a) All funds received under this chapter, including the proceeds from the sale of abandoned property under section 1226, shall forthwith be received by the state treasurer except that the state treasurer shall retain in a separate trust fund an amount not exceeding $25,000.00 or fifty percent of the funds received during the previous year whichever is greater from which he or she shall make prompt payment of claims duly allowed by him or her as hereinafter provided. Notwithstanding the foregoing, any amounts less than $25.00 held on behalf of any owner shall be deposited into the general fund upon the expiration of two years following its receipt by the treasurer. He or she shall record the name and last known address of each person appearing from the holder's reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant and beneficiary, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation and the amount due. The record shall be available for public inspection at all reasonable business hours.
(b) Before making a deposit in the general fund, the state treasurer may deduct any costs in connection with the sale of property under this chapter, any costs of mailing and publication in connection with any property under this chapter and reasonable service fees.
(c) When property sold under section 1226 of this title or money has been delivered to the state treasurer by a local law enforcement agency, the state treasurer shall return two-thirds of the net proceeds from the sale or the money to the appropriate municipality.
Title 27, Chap. 13, §1227
Claim for abandoned property paid or delivered.
Any person claiming an interest in any property delivered to the
state under this chapter may file at any time after delivery of abandoned
property to the state a claim thereto or to the proceeds from the sale
thereof on the form prescribed by the state treasurer.
Title 27, Chap. 13, §1228
Determination of claims.
(a) The state treasurer shall consider any claim filed under this chapter and may hold a hearing and receive evidence concerning it, except that no hearing shall be held as to claims for reimbursement under section 1221(c) of this title. If a hearing is held, he shall prepare a finding and decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The decision shall be a public record.
(b) If the claim is allowed, the state treasurer shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges.
Title 27, Chap. 13, §1229
Judicial action upon determination.
Any person aggrieved by a decision of the state treasurer or as
to whose claim the state treasurer has failed to act within ninety days
after the filing of the claim, may commence an action in the district or
superior court of the county or city wherein the property claimed is situated
to establish his claim. The proceeding shall be brought within six years
after the decision of the state treasurer or within six years and ninety
days from the filing of the claim if the state treasurer fails to act.
Title 27, Chap. 13, §1230
Election to take payment or delivery.
The state treasurer, after receiving reports of property deemed
abandoned under this chapter, may decline to receive any property reported
which he deems to have a value less than the cost of giving notice and
holding sale, or he may, if he considers it desirable because of the small
sum involved, postpone taking possession until a sufficient sum accumulates.
Unless the holder of the property is notified to the contrary within one
hundred twenty days after filing the report required under section 1220
of this title, the state treasurer shall be deemed to have elected to receive
the custody of the property.
Title 27, Chap. 13, §1231
Examination of records.
The state treasurer may at reasonable times and upon reasonable
notice examine the records of any person if the state treasurer has reason
to believe that person has failed to report property that should have been
reported under this chapter.
Title 27, Chap. 13, §1232
Proceeding to compel delivery of abandoned property.
If any person refuses to deliver property to the state treasurer,
as required under this chapter, the state treasurer shall bring an action
in a court of proper jurisdiction to enforce such delivery.
Title 27, Chap. 13, §1233
Penalty.
(a) Any person who wilfully fails to render any report or perform other duties required under this chapter shall pay a penalty of not more than $10.00 for each day such report is withheld or such duty is not performed.
(b) Any person who wilfully refuses to pay or deliver abandoned property to the state treasurer as required under this chapter shall pay a penalty equal to 25 percent of the value of the property which should have been paid or delivered or be imprisoned.
Title 27, Chap. 13, §1234
Rules and regulations.
The state treasurer may make necessary rules and regulations to
carry out the provisions of this chapter.
Title 27, Chap. 13, §1235
Repealed. 1985, No. 240 (Adj. Sess.), § 13.
Title 27, Chap. 13, §1236
Miscellaneous unclaimed property.
Any person who is the owner of any service establishment wherein
services are rendered on goods left by the owner thereof, may dispose of
the goods as if he were the owner thereof provided:
(1) The services rendered have been billed but not paid for either in whole or in part; and
(2) The goods have remained unclaimed in the service establishment for one year or more; and
(3) Notice to claim the goods and to pay the bill for services has been sent to the owner by registered mail at his last known address at least four months prior to the disposition to be taken hereunder; and
(4) The goods have a fair market value of $250.00 or less.
Title 27, Chap. 13, §1237
Agreement to locate reported property
Any agreement to pay compensation to recover or assist in the recovery
of property reported under section 1220 of this title is unenforceable,
if it is made within 18 months after the date the report is filed under
section 1220 of this title or made within 12 months after the date payment
or delivery is made under section 1222 of this title.
Title 27, Chap. 13, §1238
