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.
(Cite as: 27A V.S.A. § 3-119)
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§ 3-119. Association as trustee
A third person dealing with the association in the association’s capacity as a trustee
may assume without inquiry that the association has trust powers and will properly
exercise them. A third person, without actual knowledge that the association is exceeding
or improperly exercising its powers, is fully protected in dealing with the association
as if the association possessed and properly exercised the powers it purports to exercise.
A third person is not bound to assure the proper application of trust assets paid
or delivered to the association in its capacity as trustee. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)