§ 2401 Definitions

8 V.S.A. § 2401 (N/A)

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§ 2401. Definitions

As used in this chapter:

(1) "Act as fiduciary" or "acting as a fiduciary" means to:

(A) accept or execute trusts, including to:

(i) act as trustee under a written agreement;

(ii) receive money or other property in its capacity as trustee for investment in real or personal property;

(iii) act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;

(iv) act as trustee of the estate of a deceased person; or

(v) act as trustee for a minor or incapacitated person;

(B) administer in any other fiduciary capacity real or tangible personal property; or

(C) act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.

(2) "Company" means corporation or limited liability company.

(3) "Independent trust company" means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.

(4) "Trust business" means the holding out by a person to the public by advertising, solicitation or other means that the person is available to act as a fiduciary in this or another state for hire or compensation. (Added 1997, No. 98 (Adj. Sess.), § 8b.)

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§ 2402 Authority to organize; powers; limitations; prohibitions; exemptions