Vermont Statutes Title 27 Sec. 3-119
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Terms Used In Vermont Statutes Title 27 Sec. 3-119
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
§ 3-119. Association as trustee
A third person dealing with the association in the association’s capacity as a trustee may assume without inquiry that the association has trust powers and will properly exercise them. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if the association possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)