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 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.)
