§ 14401 - Types of trust functions - Vermont Statutes

§ 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 (6) fiscal agent of the United States, a political subdivision thereof, a body politic, a corporation or an individual.

(b) With that approval, a financial institution may also be appointed and act as executor or coexecutor of a will, codicil or writing testamentary, as administrator or co-administrator with the will annexed, as administrator or co-administrator of a person deceased, as receiver, assignee, trustee, alone or with others, or as guardian or co-guardian of a person subject to guardianship, and with that approval may relinquish the fiduciary office, under the same circumstances, in the same manner and subject to the same control by a court having jurisdiction, as a natural person legally qualified. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)