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Searching 2021-2022 Session

The Vermont Statutes Online

 

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.)