§ 179 - Trustees and trust funds - Vermont Statutes

§ 179. Trustees and trust funds

A state or national chartered bank, Vermont bank or Vermont trust company may serve as trustee for the benefit of holders of mitigation bonds of the authority under a security document, and the trustee may, at any time, own all or any part of the mitigation bonds of the authority issued under that security document, unless otherwise provided therein. All monies received or held by the authority or by a trustee pursuant to a financing or security document, other than funds received or held by the authority for its own use, shall be deemed to be trust funds, and shall be held and applied solely in accordance with the applicable document, but the person paying the money to the authority or the trustee shall not, in any way, be bound to see to its proper application. (Added 2001, No. 145 (Adj. Sess.), § 4.)