§ 30-19-4 - Power to receive proceeds of guaranteed loan. - Rhode Island Statutes

SECTION 30-19-4

   § 30-19-4  Power to receive proceeds ofguaranteed loan. – The funds loaned on any housing loan guaranteed in part or in full under theprovisions of federal law may be paid over by the lender to the minor receivingthat loan or at the direction of the minor, and no person or corporation makingpayment of those funds shall be responsible for the proper application thereof,and prior to the application of those funds to any purchase or other purpose ofthat loan any guardian of the minor shall not have or be entitled to the title,possession, or management of those funds and shall not inventory or account forthem as part of the estate of the minor.