Vermont § 4025 - Claims, enforcement

§ 4025. Claims, enforcement

• (a) In the event the company defaults in performing its obligations under this chapter,
  all rightful holders of trading stamps of the company shall be entitled to make claim
  against the bond filed under subdivision 4024(a)(2) of this title. Retailers in possession of trading stamps for issuance to their customers shall
  also be deemed rightful holders entitled to make a claim. (b) If the company defaults in the performance of its obligation to redeem trading stamps,
  any rightful holder may file, within three months after the default, a complaint in
  the Washington Superior Court. Upon the filing of a complaint, the presiding judge
  shall, upon 14 days’ notice in writing sent by certified mail to the company, summarily
  hear and forthwith make a determination whether there has been a default. If the presiding
  judge determines that there has been a default, he or she shall give notice of the
  determination to the company and if the default is not corrected within 14 days, he
  or she shall order the clerk of the court to publish notice of the default in three
  consecutive publications of one or more newspapers having general circulation throughout
  this State and therein require that proof of all claims for redemption of the trading
  stamps of the company shall be filed with the court, together with the trading stamps
  upon which the claim is based, within three months after the date of the first publication.
  Promptly after the expiration of that period, the court shall determine the validity
  of all claims so filed. Thereupon, the court shall be paid by the surety such amount
  as shall be necessary to satisfy all valid claims so filed, not exceeding, however,
  the principal sum of the bond. Upon the failure to pay the amount demanded, the court
  shall notify the Attorney General who shall bring an action in a court of record,
  to recover the amount demanded. Upon payment or recovery of the amount demanded, the
  clerk of the court shall promptly thereafter make an equitable distribution of the
  proceeds of the bond to the claimants and shall promptly destroy the trading stamps
  so surrendered. (Added 1959, No. 240, § 5, eff. Sept. 1, 1959; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 2017, No. 11, § 9.)