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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
222
:
POWERS
Subchapter
002
:
DEPOSITS IN GENERAL
§
32203. Trust deposits; payment on death of trustee
(a) When a
deposit is made in a credit union 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.
(b)(1) The
credit union may accept deposits:
(A) in the name
of a member in trust for a member beneficiary;
(B) in the name
of a member in trust for a nonmember beneficiary; or
(C) in the name
of a nonmember trustee for a beneficiary who is a member.
(2) No
beneficiary or trustee, unless a member in his or her own right, shall be
permitted to vote, obtain loans, or hold office, or be required to pay an
entrance or membership fee.
(c) When other
notice of the existence and terms of a legal trust is not given in writing to
the credit union, 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 2005, No. 16, § 1, eff. July
1, 2005.)