§ 19-3.1-7 - Assets equal to capital stock as pledged – Preference over other creditors. - Rhode Island Statutes

SECTION 19-3.1-7

   § 19-3.1-7  Assets equal to capital stockas pledged – Preference over other creditors. – A portion of the assets of every financial institution subject to this chapter,equal in value to the par value of its capital stock, shall stand pledged, andshall be taken and considered as the security required by law, for the faithfulperformance of the institution's duties as trustee, executor, administrator,custodian, conservator, guardian, assignee or receiver, except as otherwiseprovided, and for the deposits made by executors, administrators, custodians,conservators, assignees, or receivers, trustees, or guardians. In case of loss,any person beneficially entitled to these estates, and any executor,administrator, custodian, conservator, assignee, or receiver, trustee, orguardian making the deposits shall be first indemnified in full from theamounts so pledged in preference to all other creditors.