§ 18-10-2 - Direction for registration by individual fiduciary. - Rhode Island Statutes

SECTION 18-10-2

   § 18-10-2  Direction for registration byindividual fiduciary. – (a) Any individual or individuals acting as executor, administrator, guardian,conservator, testamentary trustee, or trustee under any other instrument is andare authorized, respectively, to direct any trust company or national bankingassociation doing business in this state to cause any property deposited withthe trust company or national banking association by the individual orindividuals as fiduciary or fiduciaries to be registered and held in the nameof a nominee or nominees of the trust company or national banking association,which nominee or nominees may be an individual or individuals, a partnership,or a corporation, without mention of the trust or fiduciary relationship in thecertificate or other instrument or document representing the property orevidencing the title to the property.

   (b) The trust company or national banking association shallnot redeliver the property to the individual fiduciary or fiduciaries, causingany property to be registered in the name of a nominee or nominees of the trustcompany or national banking association, without first causing the property tobe registered in the name of the individual fiduciary or fiduciaries asredelivered property.

   (c) Any sale of the property made by the trust company ornational banking association at the direction of the individual fiduciary orfiduciaries shall not be construed to be a redelivery.

   (d) The trust company or national banking association maymake any disposition of the property authorized or directed in any order ordecree of any court having jurisdiction of the property.