Vermont § 32203 - Trust deposits; payment on death of trustee
Full text of Vermont Vermont Statutes Online § 32203 — Trust deposits; payment on death of trustee, with citation guidance and answers to common questions.
§ 32203. Trust deposits; payment on death of trustee
- (a) When a deposit is made in a credit union by one or more persons in trust for another,
the name and residence of the person for whom the deposit is made shall be disclosed,
and the deposit shall be credited to the depositor or depositors as trustee for such
person. (b)(1) The credit union may accept deposits: (A) in the name of a member in trust for a member beneficiary; (B) in the name of a member in trust for a nonmember beneficiary; or (C) in the name of a nonmember trustee for a beneficiary who is a member. (2) No beneficiary or trustee, unless a member in his or her own right, shall be permitted
to vote, obtain loans, or hold office, or be required to pay an entrance or membership
fee. (c) When other notice of the existence and terms of a legal trust is not given in writing
to the credit union, at the death of the trustee, or if there is more than one trustee,
at the death of the surviving trustee, the deposit or any part thereof, with the interest
thereon, may be paid to the person for whom the deposit was made or to his or her
estate. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 32203
What does Vermont Statutes Online § 32203 cover?
Section 32203 ("Trust deposits; payment on death of trustee") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 32203?
A common citation format is "Vermont Statutes Online § 32203" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 32203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.