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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. § 14409)
  • § 14409. Disposition of securities upon court order; liability for acts of nominee

    Any fiduciary financial institution may dispose of any security under an order or decree of any court of competent jurisdiction by delivery of the security endorsed by the nominee as provided in section 14408 of this title in the case of sales. Any fiduciary financial institution shall be absolutely liable for any loss occasioned by the acts of the nominee or the financial institution with respect to any securities registered in the nominee's name. Both legal and equitable ownership of all securities in the financial nominee's possession or subject to the financial nominee's control shall be fully revealed by the financial institution's records. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)