The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 27A : Uniform Common Interest Ownership Act (1994)
Article 003 : Management of the Common Interest Community
(Cite as: 27A V.S.A. § 3-119)-
§ 3-119. Association as trustee
A third person dealing with the association in the association’s capacity as a trustee may assume without inquiry that the association has trust powers and will properly exercise them. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if the association possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
