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2011 Vermont Code
Title 08 Banking and Insurance
Chapter 204 POWERS OF FINANCIAL INSTITUTIONS
§ 14404 Security


8 VT Stats § 14404. (2011 through Adj Sess) What's This?

§ 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.)

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