Rhode Island Uniform Custodial Trust Act
Rhode Island · Fiduciaries · §§ 18-13-1 to 18-13-9 · 22 sections
Overview
This act provides a streamlined way to hold property in trust for another person without a formally drafted trust instrument: a transferor conveys assets to a custodial trustee, who holds, manages, and distributes them for the benefit of one beneficiary or several. It sets out how such a trust is created — including by a transfer that takes effect only upon a future event — how further property may be added, how successor trustees take over, and the trustee's powers, duties, compensation, and obligation to provide a statement of administration or account on request. It also covers administration when the beneficiary is incapacitated, protects third parties who deal in good faith with someone acting as custodial trustee, and addresses termination of the trust and the recognition of custodial trusts created under the law of another state.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- R.I. Gen. Laws § 18-13-1Definitions
- R.I. Gen. Laws § 18-13-10Determination of incapacity — Effect
- R.I. Gen. Laws § 18-13-11Exemption of third person from liability
- R.I. Gen. Laws § 18-13-12Liability to third person
- R.I. Gen. Laws § 18-13-13Declination, resignation, incapacity, death, or removal of custodial trustee — Designation of successor custodial trustee
- R.I. Gen. Laws § 18-13-14Expenses, compensation, and bond of custodial trustee
- R.I. Gen. Laws § 18-13-15Reporting and accounting by custodial trustee — Determination of liability of custodial trustee
- R.I. Gen. Laws § 18-13-16Limitations of action against custodial trustee
- R.I. Gen. Laws § 18-13-17Distribution on termination
- R.I. Gen. Laws § 18-13-18Methods and forms for creating custodial trusts
- R.I. Gen. Laws § 18-13-19Applicable law
- R.I. Gen. Laws § 18-13-2Custodial trust — General
- R.I. Gen. Laws § 18-13-20Uniformity of application of construction
- R.I. Gen. Laws § 18-13-21Short title
- R.I. Gen. Laws § 18-13-22Severability
- R.I. Gen. Laws § 18-13-3Custodial trustee for future payment or transfer
- R.I. Gen. Laws § 18-13-4Form and effect of receipt and acceptance by custodial trustee — Jurisdiction
- R.I. Gen. Laws § 18-13-5Transfer to custodial trustee by fiduciary or obligor — Facility of payment
- R.I. Gen. Laws § 18-13-6Multiple beneficiaries — Separate custodial trusts — Survivorship
- R.I. Gen. Laws § 18-13-7General duties of custodial trustee
- R.I. Gen. Laws § 18-13-8General powers of custodial trustee
- R.I. Gen. Laws § 18-13-9Use of custodial trust property
Enacted in other states
Alaska, Colorado, Hawaii, Iowa, Idaho, Indiana, Louisiana, Massachusetts, Minnesota, North Carolina, New Mexico, Nevada
All Rhode Island named statutes →
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