§ 14401.
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/vt/title-8/chapter-204/14401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 14401. Types of trust functions
(a)With the prior approval of its governing board, a financial institution may act alone or with others as:
(1)fiduciary;
(2)custodian of property;
(3)agent or attorney in fact;
(4)registrar or transfer agent of securities;
(5)trustees under corporate mortgages, trust deeds or similar indentures; or
(6)fiscal agent of the United States, a political subdivision thereof, a body politic, a corporation, or an individual.
(b)With that approval, a financial institution may also be appointed and act as executor or coexecutor of a will, codicil, or writing testamentary, as administrator or co-administrator with the will annexed, as administrator or co-administrator of a person deceased, as receiver, assignee, trustee, alone or with others, or as guardian or co-guardian of a person subject to guardianship, and with that approval may relinquish the fiduciary office, under the same circumstances, in the same manner and subject to the same control by a court having jurisdiction, as a natural person legally qualified. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)