The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
§ 2411. Unsafe condition; receivership
If the Commissioner finds a deficiency in capital or other unsafe or unsound condition of an independent trust company has not been remedied within the time prescribed under an order of the Commissioner issued pursuant to this chapter, the Commissioner may apply to the Superior Court in Washington County, to be appointed receiver for the liquidation or rehabilitation of the company. The expense of the receivership shall be paid out of the assets of the independent trust company. The provisions of subchapters 2, 3, and 4 of chapter 209 of this title shall apply to an independent trust company formed or regulated under this chapter as if the independent trust company were a financial institution to the extent applicable. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 22, eff. Jan. 1, 2001.)