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The Vermont Statutes Online
Title
09
:
Commerce and Trade
Chapter
103
:
TRADING STAMPS
§
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 10 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 10 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.)