Vermont Statutes Title 14 Sec. 906
Terms Used In Vermont Statutes Title 14 Sec. 906
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Executor: includes administrator with the will annexed. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Probate: Proving a will
- 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
§ 906. Bond; amount, conditions
An executor or administrator shall give a bond to secure the executor‘s or administrator’s performance of the executor’s or administrator’s duties. The Probate Division of the Superior Court shall set the amount of the bond and may order that the bond have sureties. The bond shall be for the security and benefit of all interested persons, except where a bond is to be taken to the adverse party, and shall be filed before the court issues letters of administration. The court shall set the conditions of any bond, which shall include the following:
(1) to make and return an inventory to the Probate Division of the Superior Court within 60 days as required by law and the rules of the court;
(2) to administer according to law and the decedent‘s will, if any, all property comprising the decedent’s estate, whether in the possession of the executor or administrator or others for the benefit of the executor or administrator, and discharge all debts, legacies, and charges;
(3) to render an account of administration to the Probate Division within one year and at any other time when required by the court;
(4) to pay to the State of Vermont all inheritance and transfer taxes that the person appointed is required to pay by the provisions of 32 V.S.A. § chapters 181 and 183 and to perform all other duties required by those chapters; and
(5) to perform all orders and decrees of the Probate Division. (Amended 1985, No. 144 (Adj. Sess.), § 38; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 5.)
Vermont Statutes Title 14 Sec. 906
Terms Used In Vermont Statutes Title 14 Sec. 906
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Trustee: A person or institution holding and administering property in trust.
§ 906. Language invoking standard of this chapter
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital,” “prudent man rule,” “prudent trustee rule,” “prudent person rule,” and “prudent investor rule.” (Added 2009, No. 20, § 1.)