§ 39-12-25 - Operation by fiduciary. - Rhode Island Statutes

SECTION 39-12-25

   § 39-12-25  Operation by fiduciary. –In the event of the decease, incompetency, insolvency, bankruptcy, or corporatereorganization under the bankruptcy law of the United States, of a holder of acertificate or permit which authorizes motor carrier operations in intrastatecommerce under this chapter, the administrator, upon application ornotification of his or her executor, administrator, guardian, conservator,assignee, trustee, or receiver, shall conditionally operate the certificate orpermit as a fiduciary, pending the filing of an application to transfer thecertificate or permit and pending the decision of the administrator as to thefitness, willingness, and ability of the transferee to conduct the operation orbusiness authorized by the certificate or permit. In the event of the decease,incompetency, insolvency, or bankruptcy of a member of a partnership holdingthe certificate or permit, the administrator upon receipt of notification ofthe remaining partner or partners, or of the executor, administrator, guardian,conservator, assignee, trustee, or receiver of the deceased, incompetent,insolvent, or bankrupt partner, may make a like conditional transfer to theremaining partner or partners. Upon application of the executor, administrator,guardian, conservator, assignee, trustee, receiver, surviving, or remainingpartner, the administrator may transfer the certificate or permit in accordancewith the provisions of this chapter from the original holder to any personnamed in the application and approved by the administrator.