§ 18-13-5 - Transfer to custodial trustee by fiduciary or obligor – Facility of payment. - Rhode Island Statutes

SECTION 18-13-5

   § 18-13-5  Transfer to custodial trustee byfiduciary or obligor – Facility of payment. – (a) Unless otherwise directed by an instrument designating a custodial trusteepursuant to § 18-13-3, a person, including a fiduciary other than acustodial trustee, who holds property of or owes a debt to an incapacitatedindividual not having a conservator, may make a transfer to an adult member ofthe beneficiary's family or to a trust company as custodial trustee for the useand benefit of the incapacitated individual. If the value of the property orthe debt exceeds twenty thousand dollars ($20,000), the transfer is noteffective unless authorized by the court.

   (b) A written acknowledgment of delivery, signed by acustodial trustee, is a sufficient receipt and discharge for propertytransferred to the custodial trustee pursuant to this section.