§ 33-13-8.1 - Distributions in kind in satisfaction of pecuniary bequests. - Rhode Island Statutes

SECTION 33-13-8.1

   § 33-13-8.1  Distributions in kind insatisfaction of pecuniary bequests. – (a) As used in this section, the terms "pecuniary bequests" and "transfer intrust of a pecuniary amount" mean, respectively, a bequest in a will or atransfer under a trust agreement of a specific amount of money, which amount iseither expressly stated in the instrument or determinable by means of a formulawhich is stated in the instrument.

   (b) Whether a bequest or transfer in trust is pecuniary incharacter depends upon the intention of the testator or grantor.

   (c) Where a will or a trust agreement authorizes theexecutor, administrator, or trustee (hereinafter called the "fiduciary") tosatisfy wholly or partly in kind a pecuniary bequest or transfer in trust of apecuniary amount, unless the instrument shall otherwise expressly provide, theassets selected by the fiduciary for that purpose shall be valued at theirrespective values on the date or dates of their distribution.

   (d) Where a will or a trust agreement authorizes thefiduciary to satisfy wholly or partly in kind a pecuniary bequest or transferin trust of a pecuniary amount and the instrument requires the fiduciary tovalue the assets selected by the fiduciary for distribution as of a date otherthan the date or dates of their distribution, unless the instrument shallotherwise expressly provide, the assets selected by the fiduciary for thatpurpose, together with any cash distributed, shall have an aggregate value onthe date or dates of their distribution amounting to no less than, and to theextent practicable to no more than, the amount of the bequest or transfer intrust as stated in, or determined by the formula stated in, the instrument.