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 18-7-12. – Validity and effect of transfer.
§ 18-7-12. Validity and effect of transfer. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with § 18-7-10(c) concerning possession and control; (2) Designation of an ineligible custodian, except designation of the transferor in the case of property […]
Section 18-7-13. – Care of custodial property.
§ 18-7-13. Care of custodial property. (a) A custodian shall: (1) Take control of custodial property; (2) Register or record title to custodial property if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by […]
Section 18-7-14. – Powers of custodian.
§ 18-7-14. Powers of custodian. (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from […]
Section 18-7-15. – Use of custodial property.
§ 18-7-15. Use of custodial property. (a) A custodian may deliver or pay to the minor or expend for the minor’s benefit as much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (1) The duty or ability of the […]
Section 18-7-16. – Custodian’s expenses, compensation, and bond.
§ 18-7-16. Custodian’s expenses, compensation, and bond. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under § 18-7-5, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services […]
Section 18-7-17. – Exemption of third person from liability.
§ 18-7-17. Exemption of third person from liability. A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for […]