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Vermont Statutes Title 8. Banking and Insurance, § 2401. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this chapter:

(1) “Act as fiduciary” or “acting as a fiduciary” means to:

(A) accept or execute trusts, including to:

(i) act as trustee under a written agreement;

(ii) receive money or other property in its capacity as trustee for investment in real or personal property;

(iii) act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;

(iv) act as trustee of the estate of a deceased person; or

(v) act as trustee for a minor or incapacitated person;

(B) administer in any other fiduciary capacity real or tangible personal property; or

(C) act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.

(2) “Company” means corporation or limited liability company.

(3) “Independent trust company” means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.  1

(4) “Trust business” means the holding out by a person to the public by advertising, solicitation or other means that the person is available to act as a fiduciary in this or another state for hire or compensation.

1 12 U.S.C.A. § 1301.
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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 2401. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-2401/

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