§ 4153 - Ownership rights - Vermont Statutes

§ 4153. Ownership rights TITLE 9Commerce and TradePART IVRegulation Of TradeCHAPTER 113. COMMERCIAL MOLDS, DIES AND FORMS

§ 4153. Ownership rights

(a) Unless otherwise agreed in writing, if a customer does not take possession from a molder of a die, mold or form situated in this state within three years following the last prior use thereof, all of the customer's rights, title and interest to such die, mold or form may be transferred according to subsections (b) and (c) of this section to the molder solely for the purpose of destroying such die, mold or form.

(b) If a molder chooses to have all rights, title and interest to any die, mold or form transferred to the molder by operation of this subsection and subsection (c), the molder shall send written notice by registered mail, return receipt requested, to the customer holding the rights, title and interest at the address, if any, indicated in the agreement pursuant to which the molder obtained possession of the die, mold or form and to the customer's last known address. The notice shall state that the molder intends to terminate all of the customer's rights, title and interest by having all such rights, title and interest transferred to the molder for purposes of destroying the die, mold or form.

(c) If a customer does not take possession of the particular die, mold or form within 180 days following the date the molder receives acknowledgment or nonacknowledgment of the return receipt of such notice, or does not make other contractual arrangements with the molder for taking possession or for the storage thereof, all rights, title and interest of the customer shall transfer by law to the molder in order that the die, mold or form be destroyed. Thereafter, the molder shall destroy the particular die, mold or form as the molder's own property without any risk of liability to the customer. (Added 1981, No. 16, eff. April 14, 1981.)