Title 14, Title 14: Decedents' Estates and Fiduciary Relations

§ 3365. Asset-backed securities (a) As used in this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an…

§ 3371. Disbursements from income A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision 3331(2)(B) or (C) of this title applies: (1) one-half of the regular compensation of the trustee and of any person pro…

§ 3372. Disbursements from principal (a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in subdivisions 3371(1) and (2) of this title; (2) all of the trustee’s compensation calculated on principal as a fe…

§ 3373. Transfers from income to principal for depreciation (a) As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (b) A trustee may transfer …

§ 3374. Transfers from income to reimburse principal (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or t…

§ 3375. Income taxes (a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income t…

§ 3376. Adjustments between principal and income because of taxes (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) election…

§ 3411. Short title This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act. (Added 2009, No. 9, § 2, eff. May 5, 2009.)

§ 3412. Definitions In this chapter: (1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. (2)…

§ 3413. Standard of conduct in managing and investing institutional fund (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purpose…

§ 3414. Appropriation for expenditure or accumulation of endowment fund; rules of construction (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution deter…

§ 3415. Delegation of management and investment functions (a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent…

§ 3416. Release or modification of restrictions on management, investment, or purpose (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an ins…

§ 3417. Reviewing compliance Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Added 2009, No. 9, § 2, eff. May 5, 2009.)

§ 3418. Application to existing institutional funds This chapter applies to institutional funds existing on or established after the May 5, 2019. As applied to institutional funds existing on May 5, 2009, this chapter governs only decisions made or actions taken on or after that …

§ 3419. Relation to electronic signatures in Global and National Commerce Act This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U…

§ 3420. Uniformity of application and construction In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2009, No. 9, § 2, eff. May 5, 2009.)

§ 3551. Short title This chapter may be cited as the Vermont Revised Uniform Fiduciary Access to Digital Assets Act. (Added 2017, No. 13, § 1.)

§ 3552. Definitions As used in this chapter: (1) “Account” means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. (2) “Agent” means an a…

§ 3553. Applicability (a) This chapter applies to: (1) a fiduciary acting under a will or power of attorney executed before, on, or after July 1, 2017; (2) a personal representative acting for a decedent who died before, on, or after July 1, 2017; (3) a guardianship proceeding co…

§ 3554. User direction for disclosure of digital assets (a) A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user’s digital assets, including the content of electronic communications. If the online t…

§ 3555. Terms-of-service agreement (a) This chapter does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user. (b) This chapter does not give a fiduciary or designated recipient any new or expanded r…

§ 3556. Procedure for disclosing digital assets (a) When disclosing digital assets of a user under this chapter, the custodian may in its sole discretion: (1) grant a fiduciary or designated recipient full access to the user’s account; (2) grant a fiduciary or designated recipien…

§ 3557. Disclosures of content of electronic communications of deceased user If a deceased user consented, or if a court directs disclosure of the contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the u…

§ 3558. Disclosure of other digital assets of deceased user Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications …

§ 3559. Disclosure of content of electronic communications of principal To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal, and unless directed otherwise by the principal or the cou…

§ 3560. Disclosure of other digital assets of principal Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf o…

§ 3561. Disclosure of digital assets held in trust when trustee is original user Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including …

§ 3562. Disclosure of contents of electronic communications held in trust when trustee not original user Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the con…

§ 3563. Disclosure of other digital assets held in trust when trustee not original user Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of electro…

§ 3564. Disclosure of digital assets to guardian of person under guardianship (a) After an opportunity for a hearing under 14 V.S.A. § 3068, the court may grant a guardian access to the digital assets of a person under guardianship. (b) Unless otherwise ordered by the court or di…

§ 3565. Fiduciary duty and authority (a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: (1) the duty of care; (2) the duty of loyalty; and (3) the duty of confidentiality. (b) A fiduciary’s or …

§ 3566. Custodian compliance and immunity (a) Not later than 60 days after receipt of the information required by sections 3557-3565 of this title, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or te…

§ 3567. Uniformity of application and construction In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2017, No. 13, § 1.)

§ 3568. Relation to electronic signatures in Global and National Commerce Act This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that Act,…

§ 4001. Short title This chapter may be cited as the Vermont Uniform Power of Attorney Act. (Added 2023, No. 60, § 1, eff. July 1, 2023.)

§ 4002. Definitions As used in this chapter: (1) “Agent” means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to…

§ 4003. Applicability This chapter applies to all powers of attorney except: (1) a power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction; (2) a power to m…

§ 4004. Power of attorney is durable A power of attorney created under this chapter is durable unless it expressly provides that it is terminated by the incapacity or unavailability of the principal. (Added 2023, No. 60, § 1, eff. July 1, 2023.)

§ 4005. Execution of power of attorney A power of attorney shall be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney. A signature on a power of attorney is presum…

§ 4006. Validity of power of attorney (a) A power of attorney executed in this State on or after July 1, 2023 is valid if its execution complies with section 4005 of this title. (b) A power of attorney executed in this State before July 1, 2023 is valid if its execution complied …

§ 4007. Meaning and effect of power of attorney The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of…

§ 4008. Nomination of guardian; relation of agent to court-appointed fiduciary (a) In a power of attorney, a principal may nominate a guardian of the principal’s estate or a guardian of the principal’s person for consideration by the court if protective proceedings for the princi…

§ 4009. When power of attorney effective (a) A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. (b) If a power of attorney become…

§ 4010. Termination of power of attorney or agent’s authority (a) A power of attorney terminates when: (1) the principal dies; (2) the principal becomes incapacitated or unavailable, if the power of attorney is not durable; (3) the principal revokes the power of attorney; (4) the…

§ 4011. Co-agents and successor agents (a) A principal may designate two or more persons to act as co-agents. Unless the power of attorney otherwise provides, each co-agent may exercise its authority independently. (b) A principal may designate one or more successor agents to act…