Vermont § 1602 - When agreement to locate property void

§ 1602. When agreement to locate property void

• (a) Subject to subsection (b) of this section, an agreement under section 1601 of this title is void if it is entered into during the period beginning on the date the property
  was paid or delivered by a holder to the Administrator and ending 24 months after
  the payment or delivery. (b) If a provision in an agreement described in subsection (a) of this section applies
  to mineral proceeds for which compensation is to be paid to the other person based
  in whole or in part on a part of the underlying minerals or mineral proceeds not then
  presumed abandoned, the provision is void regardless of when the agreement was entered
  into. (c) An agreement under subsection (a) of this section that provides for compensation in
  an amount that is unconscionable is unenforceable except by the apparent owner. An
  apparent owner that believes the compensation the apparent owner has agreed to pay
  is unconscionable or the Administrator, acting on behalf of an apparent owner, or
  both, may bring an action in the appropriate court to reduce the compensation to the
  maximum amount that is not unconscionable. On the final determination of an action
  filed under this subsection, the court may, on application, award the prevailing party
  its reasonable attorney’s fees, costs, and expenses of litigation. (d) An apparent owner or the Administrator may assert that an agreement described in this
  section is void on a ground other than it provides for payment of unconscionable compensation. (e) This section does not apply to an apparent owner’s agreement with an attorney to pursue
  a claim for recovery of specifically identified property held by the Administrator
  or to contest the Administrator’s denial of a claim for recovery of the property. (f) An agreement between an owner and an asset locator, the primary purpose of which is
  to locate, deliver, recover, or assist in the recovery of property that is presumed
  abandoned and that provides for compensation that exceeds 10 percent of the value
  of the unclaimed property, shall be unenforceable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)