§ 14208 - Security for deposits - Vermont Statutes

§ 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 Vermont financial institution or state financial institution may so secure a deposit to the credit of the United States, of the state of Vermont or of any political subdivisions of the state, either directly or indirectly. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)