The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
Subchapter
004
:
TRUST POWERS
(Cite as: 8 V.S.A. § 14408)
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§ 14408. Registration and sale of securities
A Vermont or state financial institution owning or holding stocks or other securities
in any fiduciary capacity may cause the same to be registered in the name of a nominee.
The word “nominee” shall be construed to include one or more natural persons, a partnership,
a corporation, or similar entity. Any such securities jointly held in a fiduciary
capacity by a financial institution and another, individual or corporate, may be registered
in the name of a nominee mutually satisfactory to the co-fiduciaries. Any fiduciary
acting jointly with a financial institution may authorize and direct the financial
institution in writing to register securities provided in this section. An individual
or corporate fiduciary may deliver any such securities to a financial institution
as custodian and may authorize and direct the financial institution in writing to
register such securities in the name of a nominee. A financial institution having
caused securities to be registered in the name of a nominee as provided in this section
and wishing or being required by the terms of its fiduciary agreement to deliver them
to one legally entitled thereto shall first cause them to be transferred into the
name of the one to receive delivery. Sales of any such securities made by a financial
institution under its fiduciary authority may be completed by delivery of the security,
endorsed by the nominee without the necessity of transfer through a joint fiduciary,
the trust-creator, or the beneficiary. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 299, eff. July 1, 2022.)