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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.)