(a) An independent trust company exercising trust powers under this chapter shall be subject to the same responsibilities, liabilities, and penalties as an individual acting in like capacity, and the company shall have the same powers and shall receive the same compensation as individuals acting in like capacity, if fixed by law.

(b) The exercise of powers not listed in subsection (a) of this section, and the performance of the other duties by the company may be as contracted for by the parties interested.

(c) In performing its duties under a trust, an independent trust company shall be subject to all applicable provisions of 14 V.S.A. chapter 105. (Added 1997, No. 98 (Adj. Sess.), § 8b.)