State Codes and Statutes
Statutes > Vermont > Title-27 > Chapter-14 > 1250
§ 1250. Custody by state; recovery by holder; relief of holder from liability
(a) In this section, payment or delivery is made in "good faith" if:
(1) payment or delivery was made in a reasonable attempt to comply with this chapter;
(2) the holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for believing, based on the facts then known, that the property was presumed abandoned; and
(3) there is no showing that the records under which the payment or delivery was made did not meet reasonable commercial standards of practice.
(b) Upon payment or delivery of property to the treasurer, the state assumes custody and responsibility for the safekeeping of the property. A holder who pays or delivers property to the treasurer in good faith is relieved of all liability arising thereafter with respect to the property.
(c) A holder who has paid money to the treasurer pursuant to this chapter may subsequently make payment to a person reasonably appearing to the holder to be entitled to payment. Upon a filing by the holder of proof of payment and proof that the payee was entitled to the payment, the treasurer shall promptly reimburse the holder for the payment without imposing a fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a traveler's check or money order, the holder shall be reimbursed upon filing proof that the instrument was duly presented, and that payment was made to a person who reasonably appeared to be entitled to payment. The holder shall be reimbursed for payment made even if the payment was made to a person whose claim was barred under subsection 1259(a) of this title. Once the holder is reimbursed, the holder shall reassume liability with respect to the property.
(d) A holder who has delivered property other than money to the treasurer pursuant to this chapter may reclaim the property if it is still in the possession of the treasurer, without paying any fee or other charge, upon filing proof that the apparent owner has claimed the property from the holder. Upon recovering the property, the holder shall reassume custody, responsibility for the safekeeping of the property, and liability with respect to the property.
(e) The treasurer may accept a holder's affidavit, sworn under oath, as sufficient proof of the holder's right to recover money and property under this section.
(f) If a holder pays or delivers property to the treasurer in good faith and, thereafter, another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, no lawsuit may be maintained against the holder.
(g) Property removed from a safe deposit box or other safekeeping depository shall be received by the treasurer subject to the holder's right to be reimbursed for the cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The treasurer shall reimburse the holder out of the proceeds remaining after deducting the expense incurred by the treasurer in selling the property. (Added 2005, No. 161 (Adj. Sess.), § 1.)
