§14404. Security

Link to law: http://legislature.vermont.gov/statutes/section/08/204/14404
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

204

:
POWERS OF FINANCIAL INSTITUTIONS






Subchapter

004
:
TRUST POWERS










 

§

14404. Security

The capital of a

financial institution exercising trust powers shall be held as security for the

faithful discharge of the duties undertaken thereby as well as for the claims

of other creditors. The financial institution shall furnish to the authority

making the appointment a good and sufficient bond for a sum not less than 25

percent of the amount of the trust fund, conditioned for the faithful discharge

of the duties undertaken by virtue of section 14401 of this title. However,

when the bond would not exceed $2,000.00, a financial institution shall be

relieved of furnishing it. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1,

2001.)
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