The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 077 : Independent Trust Companies
(Cite as: 8 V.S.A. § 2401)-
§ 2401. Definitions
As used in this chapter:
(1) “Act as fiduciary” or “acting as a fiduciary” means to:
(A) accept or execute trusts, including to:
(i) act as trustee under a written agreement;
(ii) receive money or other property in its capacity as trustee for investment in real or personal property;
(iii) act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;
(iv) act as trustee of the estate of a deceased person; or
(v) act as trustee for a minor or incapacitated person;
(B) administer in any other fiduciary capacity real or tangible personal property; or
(C) act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.
(2) “Company” means corporation or limited liability company.
(3) “Independent trust company” means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.
(4) “Trust business” means the holding out by a person to the public by advertising, solicitation or other means that the person is available to act as a fiduciary in this or another state for hire or compensation. (Added 1997, No. 98 (Adj. Sess.), § 8b.)
