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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 14A : Trusts

Chapter 010 : LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE

(Cite as: 14A V.S.A. § 1012)
  • § 1012. Protection of person dealing with trustee

    (a) A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.

    (b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.

    (c) A person who in good faith delivers assets to a trustee need not ensure their proper application.

    (d) A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.

    (e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section. (Added 2009, No. 20, § 1.)