Vermont Statutes Title 8 Sec. 2406
Terms Used In Vermont Statutes Title 8 Sec. 2406
- Company: means corporation or limited liability company. See
- 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. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- 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. See
§ 2406. Reciprocity
(a) An independent trust company organized under the laws of a jurisdiction other than Vermont shall be authorized to engage in a trust business in this State, to the same extent and under the same conditions that an independent trust company formed in this State may operate in such other jurisdiction. The independent trust company organized under the laws of a jurisdiction other than Vermont must obtain the Commissioner’s written authorization before it may engage in a trust business in this State.
(b) For purposes of this section, an independent trust company organized under the laws of a jurisdiction other than Vermont shall mean an entity that is organized and regulated in a manner that is substantially similar to an independent trust company formed under this chapter by whatever name, but which is not a financial institution within the meaning of subdivision 11101(32) of this title. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 21, eff. Jan. 1, 2001.)