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
:
ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
(Cite as: 14 V.S.A. § 3353)
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§ 3353. Business and other activities conducted by trustee
(a) If a trustee who conducts a business or other activity determines that it is in the
best interest of all the beneficiaries to account separately for the business or activity
instead of accounting for it as part of the trust’s general accounting records, the
trustee may maintain separate accounting records for its transactions, whether or
not its assets are segregated from other trust assets.
(b) A trustee who accounts separately for a business or other activity may determine the
extent to which its net cash receipts must be retained for working capital, the acquisition
or replacement of fixed assets, and other reasonably foreseeable needs of the business
or activity, and the extent to which the remaining net cash receipts are accounted
for as principal or income in the trust’s general accounting records. If a trustee
sells assets of the business or other activity, other than in the ordinary course
of the business or activity, the trustee shall account for the net amount received
as principal in the trust’s general accounting records to the extent the trustee determines
that the amount received is no longer required in the conduct of the business.
(c) Activities for which a trustee may maintain separate accounting records include:
(1) retail, manufacturing, service, and other traditional business activities;
(2) farming;
(3) raising and selling livestock and other animals;
(4) management of rental properties;
(5) extraction of minerals and other natural resources;
(6) timber operations; and
(7) activities to which section 3364 of this title applies. (Added 2011, No. 114 (Adj. Sess.), § 1.)