§ 14201. Deposit powers (a) Applicability. This subchapter governs deposits or accounts in financial institutions. (b) General deposit powers. (1) A financial institution may receive money on deposit and may establish the terms and conditions of each deposit contract. A financial institution may receive demand deposits subject to withdrawal or to payment upon the depositor’s […]
§ 14202. Payment of deposits to administrators from another state or country (a) When a deposit is made in a financial institution by a person residing in another state or country, the deposit, or any part thereof, with the interest thereon, may be paid to the administrator or executor appointed in the state or country […]
§ 14203. Trust deposits; payment on death of trustee When a deposit is made in a financial institution by one or more persons in trust for another, the name and residence of the person for whom the deposit is made shall be disclosed, and the deposit shall be credited to the depositor or depositors as […]
§ 14204. Joint deposits (a) Payment. When a deposit has been made in a financial institution in the names of two or more persons, payable to any one of them, or payable to the survivors or any one of the survivors, such deposit or any part thereof, or any interest or dividend thereon may be […]
§ 14205. Payable on death accounts (a) A “payable-on-death account” is created by a deposit in a financial institution in the name of an account holder or several joint account holders with a designation that the account is payable on death to one or more payees, known as “P.O.D. payees”. On the death of the […]
§ 14206. Deposits of minors; exemption from trustee process (a) Payment. The governing body of a financial institution, in its discretion, may accept deposits from a minor and may pay to a minor such sum as is deposited to the credit of such person, and is due, as if such minor were of age. The […]
§ 14207. Provisions when title to deposit is litigated (a) Multiple claims. In actions against a financial institution by one spouse to recover for moneys deposited by the other spouse in the latter’s own name, the depositing spouse may be a witness. In actions against such financial institution to recover for money on deposit, if […]
§ 14208. Security for deposits No Vermont or state financial institution may pledge, hypothecate, or deliver any of its assets of any description whatsoever as security for a deposit of private funds, or for the purpose of indemnifying any person, as surety for the financial institution, or as surety for any other person. However, a […]
§ 14209. Examination of accounts Each Vermont financial institution shall annually cause a sampling of its loans and deposit accounts to be verified by the account holder. The verification shall be under the direction of an outside auditor or the internal auditor of the Vermont financial institution. The auditor shall report the results directly to […]
§ 14210. Real estate trust and escrow (a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 V.S.A. […]
§ 14211. Claims not clearly consistent If any claim not clearly consistent with the terms of any applicable authority on file with a financial institution is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the financial institution’s possession or control, in whole or in part, by […]
§ 14212. Joint fiduciary accounts (a) Statement of purpose. The purpose of this section is to create a new form of joint financial account for which the account owner designates a fiduciary with authority to use monies in the account for the benefit and under the direction of the account owner, and to enable the […]
