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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. § 14404)
  • § 14404. Security

    The capital of a financial institution exercising trust powers shall be held as security for the faithful discharge of the duties undertaken thereby as well as for the claims of other creditors. The financial institution shall furnish to the authority making the appointment a good and sufficient bond for a sum not less than 25 percent of the amount of the trust fund, conditioned for the faithful discharge of the duties undertaken by virtue of section 14401 of this title. However, when the bond would not exceed $2,000.00, a financial institution shall be relieved of furnishing it. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)