Section 18-10-1. – Authority to register security in name of nominee.
§ 18-10-1. Authority to register security in name of nominee. Any trust company or national banking association doing business in this state when acting as executor, administrator, guardian, conservator, testamentary trustee, or trustee under any other instrument, whether alone or jointly with an individual or individuals, may, with the consent of the individual fiduciary or […]
Section 18-10-2. – Direction for registration by individual fiduciary.
§ 18-10-2. Direction for registration by individual fiduciary. (a) Any individual or individuals acting as executor, administrator, guardian, conservator, testamentary trustee, or trustee under any other instrument is and are authorized, respectively, to direct any trust company or national banking association doing business in this state to cause any property deposited with the trust company […]
Section 18-10-3. – Liability of trust company or banking association — Accounts to show ownership.
§ 18-10-3. Liability of trust company or banking association — Accounts to show ownership. (a) Any trust company or national banking association shall be absolutely liable for any loss occasioned by the acts of any nominee or nominees of the trust company or national banking association with respect to any property so registered. (b) The […]
Section 18-10-4. – Corporation or transfer agent relieved of liability on transfer of stock.
§ 18-10-4. Corporation or transfer agent relieved of liability on transfer of stock. In case any stock, shares, bonds, debentures, notes, or other securities are registered in the name of a nominee or nominees in accordance with the provisions of this chapter, the corporation, joint stock company, business trust, or association which has issued any […]
Section 18-9-14. – Reasonable care required regardless of language of trust.
§ 18-9-14. Reasonable care required regardless of language of trust. Regardless of any language in the agreement, deed, or other instrument creating an inter vivos charitable trust, no trustee or trustees of a trust shall be exonerated from liability for failure to exercise reasonable care, diligence, and prudence. History of Section.P.L. 1950, ch. 2617, § […]
Section 18-9-15. – Institutions and contingent trusts exempt.
§ 18-9-15. Institutions and contingent trusts exempt. The provisions of this chapter shall not be applicable to charitable, religious, and educational institutions holding funds in trust exclusively for their own charter or corporate purposes nor to trusts in which the charitable interest is contingent upon the happening of an uncertain future event; provided, that upon […]
Section 18-8-1. – Agreement for joint deposits.
§ 18-8-1. Agreement for joint deposits. It is lawful for any party, of whom a bond, undertaking, or other obligation is required, to agree with his or her surety or sureties for the deposit of any or all money and assets for which he or she and his or her surety or sureties are or […]
Section 18-9-16. – Termination of certain charitable trusts.
§ 18-9-16. Termination of certain charitable trusts. (a) A charitable trust with total assets of less than two hundred thousand dollars ($200,000) may be terminated at any time at the discretion of the trustee or trustees with the consent of the attorney general and the beneficiary or beneficiaries by delivery of the assets to the […]
Section 18-9-1. – Division of charitable trusts — Establishment.
§ 18-9-1. Division of charitable trusts — Establishment. There is established, in the department of, and subject to the control of, the attorney general, a division for the supervision and enforcement of the due application of funds given or appropriated to charitable trusts within the state and for the prevention of breaches of trust. The […]
Section 18-9-17. – Enforcement of the fiduciary responsibilities of the trustees of charitable trusts.
§ 18-9-17. Enforcement of the fiduciary responsibilities of the trustees of charitable trusts. (a) If the trustee(s) fails to register a charitable trust with the attorney general as required by this chapter, an additional fee not to exceed one hundred dollars ($100) may be assessed at the time the trust is finally registered. (b) When […]