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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

204

:
POWERS OF FINANCIAL INSTITUTIONS






Subchapter

002
:
DEPOSITS IN GENERAL










 

§

14203. Trust deposits; payment on death of trustee

When a deposit

is made in a financial institution by one or more persons in trust for another,

the name and residence of the person for whom the deposit is made shall be

disclosed, and the deposit shall be credited to the depositor or depositors as

trustee for such person. When other notice of the existence and terms of a

legal trust is not given in writing to the financial institution, at the death

of the trustee, or if there is more than one trustee, at the death of the

surviving trustee, the deposit or any part thereof, with the interest thereon,

may be paid to the person for whom the deposit was made or to his or her

estate. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)