§ 18-13-4 - Form and effect of receipt and acceptance by custodial trustee – Jurisdiction. - Rhode Island Statutes

SECTION 18-13-4

   § 18-13-4  Form and effect of receipt andacceptance by custodial trustee – Jurisdiction. – (a) Obligations of a custodial trustee, including the obligation to followdirections of the beneficiary, arise under this chapter upon the custodialtrustee's acceptance, express or implied, of the custodial trust property.

   (b) The custodial trustee's acceptance may be evidenced by awriting stating in substance:

   CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

   I, ]]]]]]]]]]]]]]]]]]]]]]]], (name of custodial trustee)acknowledge receipt of the custodial trust property described below or in theattached instrument and accept the custodial trust as custodial trustee for]]]]]]]]]]]]]] (name of beneficiary) under the Rhode Island Uniform CustodialTrust Act. I undertake to administer and distribute the custodial trustproperty pursuant to the Rhode Island Uniform Custodial Trust Act. Myobligations as custodial trustee are subject to the directions of thebeneficiary unless the beneficiary is designated as, is, or becomesincapacitated. The custodial trust property consists of .

   Dated: ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]].

   (Signature of Custodial Trustee)

   (c) Upon accepting custodial trust property, a persondesignated as custodial trustee under this chapter is subject to personaljurisdiction of the court with respect to any matter relating to the custodialtrust.