The Vermont Statutes Online
The Statutes below include the actions of the 2024 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 8 : Banking and Insurance
Chapter 204 : Powers of Financial Institutions
Subchapter 004 : TRUST POWERS
(Cite as: 8 V.S.A. § 14401)-
§ 14401. Types of trust functions
(a) With the prior approval of its governing board, a financial institution may act alone or with others as:
(1) fiduciary;
(2) custodian of property;
(3) agent or attorney in fact;
(4) registrar or transfer agent of securities;
(5) trustees under corporate mortgages, trust deeds or similar indentures; or
(6) fiscal agent of the United States, a political subdivision thereof, a body politic, a corporation, or an individual.
(b) With that approval, a financial institution may also be appointed and act as executor or coexecutor of a will, codicil, or writing testamentary, as administrator or co-administrator with the will annexed, as administrator or co-administrator of a person deceased, as receiver, assignee, trustee, alone or with others, or as guardian or co-guardian of a person subject to guardianship, and with that approval may relinquish the fiduciary office, under the same circumstances, in the same manner and subject to the same control by a court having jurisdiction, as a natural person legally qualified. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
