§ 19-9-15 - Pledge of passbook accounts. - Rhode Island Statutes

SECTION 19-9-15

   § 19-9-15  Pledge of passbook accounts.– Any deposit evidenced by a passbook in a regulated institution may be pledgedby delivery of the passbook to the pledgee, with an order for its transfer; butthis pledge shall not be effective to secure the deposit against any personother than the pledgor or his or her executor or administrator, unless anactual transfer of the deposit has been made upon the books of the regulatedinstitution or the order for the transfer has been disclosed to, and a copyfiled with, the regulated institution holding the deposit.