§ 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.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 204 - Powers of Financial Institutions
§ 14101. Applicability of chapter
§ 14102. General organizational powers
§ 14103. Advertising; doing business or using name unlawfully
§ 14104. Capital or surplus requirements
§ 14105. Participation in public agencies
§ 14106. Expanded powers of Vermont financial institutions
§ 14108. Prohibited mergers and acquisitions
§ 14109. Prohibited management interlocks
§ 14202. Payment of deposits to administrators from another state or country
§ 14203. Trust deposits; payment on death of trustee
§ 14205. Payable on death accounts
§ 14206. Deposits of minors; exemption from trustee process
§ 14207. Provisions when title to deposit is litigated
§ 14208. Security for deposits
§ 14209. Examination of accounts
§ 14210. Real estate trust and escrow
§ 14211. Claims not clearly consistent
§ 14212. Joint fiduciary accounts
§ 14304. Card holder represented by legal counsel
§ 14401. Types of trust functions
§ 14402. National financial institutions; state financial institutions
§ 14403. Approval of Commissioner
§ 14405. Powers and duties of officers
§ 14406. Segregation of trust funds; exception
§ 14407. Collective investment funds
§ 14408. Registration and sale of securities
§ 14409. Disposition of securities upon court order; liability for acts of nominee