§ 18-10-3 - Liability of trust company or banking association – Accounts to show ownership. - Rhode Island Statutes

SECTION 18-10-3

   § 18-10-3  Liability of trust company orbanking association – Accounts to show ownership. – (a) Any trust company or national banking association shall be absolutelyliable for any loss occasioned by the acts of any nominee or nominees of thetrust company or national banking association with respect to any property soregistered.

   (b) The records of the fiduciary, whether corporate orindividual, and the records of the trust company or national bankingassociation in case of the registry of any property under the provisions of§ 18-10-2, and all reports or accounts rendered by any fiduciary,corporate or individual, shall clearly show the ownership of the property bythe fiduciary, corporate or individual.

   (c) Any property so registered shall at all times be keptseparate and apart from the assets of the trust company or national bankingassociation.