Vermont Statutes Title 8 Sec. 2408
Terms Used In Vermont Statutes Title 8 Sec. 2408
- Company: means corporation or limited liability company. See
- Contract: A legal written agreement that becomes binding when signed.
- 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. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
§ 2408. Laws applicable; matters of contract
(a) An independent trust company exercising trust powers under this chapter shall be subject to the same responsibilities, liabilities, and penalties as an individual acting in like capacity, and the company shall have the same powers and shall receive the same compensation as individuals acting in like capacity, if fixed by law.
(b) The exercise of powers not listed in subsection (a) of this section, and the performance of the other duties by the company may be as contracted for by the parties interested.
(c) In performing its duties under a trust, an independent trust company shall be subject to all applicable provisions of 14 Vt. Stat. Ann. chapter 105. (Added 1997, No. 98 (Adj. Sess.), § 8b.)