§ 14401. Types of trust functions (a) With the prior approval of its governing board, a financial institution may act alone or with others as: (1) fiduciary; (2) custodian of property; (3) agent or attorney in fact; (4) registrar or transfer agent of securities; (5) trustees under corporate mortgages, trust deeds or similar indentures; or […]
§ 14402. National financial institutions; state financial institutions (a) To the same extent that the laws of the United States permit, a national financial institution located and doing business in this State may act, alone or with others, as specified in section 14401 this title. (b) Subject to the provisions of 11A V.S.A. chapter 15 […]
§ 14403. Approval of Commissioner No financial institution not otherwise expressly authorized by its respective supervisory agency under state or federal law may exercise the powers provided in this subchapter until it has applied for and obtained approval of the Commissioner to do so under subsection 11701(b) of this title. The Commissioner shall conduct inquiry […]
§ 14404. Security The capital of a financial institution exercising trust powers shall be held as security for the faithful discharge of the duties undertaken thereby as well as for the claims of other creditors. The financial institution shall furnish to the authority making the appointment a good and sufficient bond for a sum not […]
§ 14405. Powers and duties of officers In proceedings in the Probate Division of the Superior Court or elsewhere, connected with authority exercised as executor, administrator, receiver, assignee, trustee, or guardian, all accounts, returns, and other papers may be signed and sworn to in behalf of such a financial institution exercising trust powers by any […]
§ 14406. Segregation of trust funds; exception All monies, property, or securities received or held by a financial institution in the capacity of executor, administrator, receiver, assignee, trustee, or guardian shall be kept separate and distinct from its general business and shall not be mingled with the investments of its assets or be liable for […]
§ 14407. Collective investment funds (a) A Vermont financial institution may invest assets that it holds as a fiduciary in the following collective investment funds: (1) a fund maintained by the financial institution, or by one or more affiliated financial institutions, exclusively for the collective investment and reinvestment of money contributed to the fund by […]
§ 14408. Registration and sale of securities A Vermont or state financial institution owning or holding stocks or other securities in any fiduciary capacity may cause the same to be registered in the name of a nominee. The word “nominee” shall be construed to include one or more natural persons, a partnership, a corporation, or […]
§ 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. […]
§ 14410. Fiduciary investments (a) In the absence of an express prohibition in the instrument, judgment, decree, power, order, or other writing creating a trust or other fiduciary relationship, a financial institution acting as fiduciary may invest and reinvest funds held by it in a fiduciary capacity in the securities of an open-end or closed-end […]
