§ 18-9.2-3 - No retained interest of transferor. - Rhode Island Statutes

SECTION 18-9.2-3

   § 18-9.2-3  No retained interest oftransferor. – A qualified disposition shall be subject to § 18-9.2-4 of this chapternotwithstanding a transferor's retention of any or all of the powers and rightsdescribed in subdivision 18-9.2-2(10)(ii) and the transferor's service asinvestment advisor pursuant to subdivision 18-9.2-2(9)(iv). The transferorshall have only such powers and rights as are conferred by the trustinstrument. Except as permitted by subdivisions 18-9.2-2(9)(iv) and18-9.2-2(10)(ii), a transferor shall have no rights or authority with respectto the property that is the subject of a qualified disposition or the incometherefrom, and any agreement or understanding purporting to grant or permit theretention of any greater rights or authority shall be void.