2022 Vermont Statutes
Title 27 - Property
Chapter 18 - Unclaimed Property
§ 1541. Deposit of funds by Administrator
§ 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 forthwith 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 he or she shall make prompt payment of claims duly allowed by him or her 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.)
