Vermont Statutes Title 8 Sec. 14409
Terms Used In Vermont Statutes Title 8 Sec. 14409
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
§ 14409. Disposition of securities upon court order; liability for acts of nominee
Any fiduciary financial institution may dispose of any security under an order or decree of any court of competent jurisdiction by delivery of the security endorsed by the nominee as provided in section 14408 of this title in the case of sales. Any fiduciary financial institution shall be absolutely liable for any loss occasioned by the acts of the nominee or the financial institution with respect to any securities registered in the nominee’s name. Both legal and equitable ownership of all securities in the financial nominee’s possession or subject to the financial nominee’s control shall be fully revealed by the financial institution’s records. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)