reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-7. - General duties of custodial trustee.

§ 18-13-7. General duties of custodial trustee.
(a)
If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.
(b)
If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with the property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, at the custodial trustee’s discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise.
(c)
Subject to subsection (b) of this section, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.
(d)
A custodial trustee shall keep at all times custodial trust property, of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument identifying the property as custodial trust property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: “as custodial trustee for (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act”.
(e)
A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.
(f)
The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-8. - General powers of custodial trustee.

§ 18-13-8. General powers of custodial trustee.
(a)
A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may only exercise those rights and powers in a fiduciary capacity.
(b)
This section does not relieve a custodial trustee from liability for a violation of § 18-13-7.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-9. - Use of custodial trust property.

§ 18-13-9. Use of custodial trust property.
(a)
A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit as much or all of the custodial trust property as the beneficiary, while not incapacitated, may direct from time to time.
(b)
If the beneficiary is incapacitated, the custodial trustee shall expend as much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.
(c)
A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-10. - Determination of incapacity — Effect.

§ 18-13-10. Determination of incapacity — Effect.
(a)
The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:
(1)
The custodial trust was created under § 18-13-5;
(2)
The transferor has so directed in the instrument creating the custodial trust; or
(3)
The custodial trustee has determined that the beneficiary is incapacitated.
(b)
A custodial trustee may determine that the beneficiary is incapacitated in reliance upon:
(1)
Previous direction or authority given by the beneficiary while not incapacitated; including direction or authority pursuant to a durable power of attorney,
(2)
The certificate of the beneficiary’s physician; or
(3)
Other persuasive evidence.
(c)
If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary’s incapacity has ceased, or that circumstances concerning the beneficiary’s ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
(d)
On petition of the beneficiary, the custodial trustee, or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated.
(e)
Absent determination of incapacity of the beneficiary under subsection (b) or (d) of this section, a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
(f)
Incapacity of a beneficiary does not terminate:
(1)
The custodial trust;
(2)
Any designation of a successor custodial trustee;
(3)
Rights or powers of the custodial trustee; or
(4)
Any immunities of third persons acting on instructions of the custodial trustee.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-11. - Exemption of third person from liability.

§ 18-13-11. Exemption of third person from liability.
A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the incapacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:
(1)
The validity of the purported custodial trustee’s designation;
(2)
The propriety of, or the authority under this chapter for, any action of the purported custodial trustee;
(3)
The validity or propriety of an instrument executed or instruction given pursuant to this chapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
(4)
The propriety of the application of property vested in the purported custodial trustee.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-12. - Liability to third person.

§ 18-13-12. Liability to third person.
(a)
A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.
(b)
A custodial trustee is not personally liable to a third person:
(1)
On a contract properly entered into in a fiduciary capacity, unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or
(2)
For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust, unless the custodial trustee is personally at fault.
(c)
A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust, unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.
(d)
Subsections (b) and (c) of this section do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-14. - Expenses, compensation, and bond of custodial trustee.

§ 18-13-14. Expenses, compensation, and bond of custodial trustee.
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
(1)
Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
(2)
Has a non-cumulative election, to be made no later than six (6) months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
(3)
Need not furnish a bond or other security for the faithful performance of fiduciary duties.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-15. - Reporting and accounting by custodial trustee — Determination of liability of custodial trustee.

§ 18-13-15. Reporting and accounting by custodial trustee — Determination of liability of custodial trustee.
(a)
Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: (1) once each year, (2) upon request, at reasonable times, by the beneficiary or the beneficiary’s legal representative, (3) upon resignation or removal of the custodial trustee, and (4) upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon termination of the beneficiary’s interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
(b)
A beneficiary, the beneficiary’s legal representative, an adult member of the beneficiary’s family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee’s legal representative.
(c)
A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
(d)
In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative to account. The custodial trustee or the custodial trustee’s legal representative may petition the court for approval of final accounts.
(e)
If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for the transfer of the custodial trust property.
(f)
On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-16. - Limitations of action against custodial trustee.

§ 18-13-16. Limitations of action against custodial trustee.
(a)
Except as provided in subsection (c) of this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:
(1)
Who has received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced within two (2) years after the receipt of the final account or statement; or
(2)
Who has not received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust.
(b)
Except as provided in subsection (c) of this section, a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five (5) years after the termination of the custodial trust.
(c)
A claim for relief is not barred by this section if the claimant:
(1)
Is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies;
(2)
Is an incapacitated adult, until the earliest of two (2) years after:
(i)
The appointment of a conservator;
(ii)
The removal of the incapacity; or
(iii)
The death of the claimant; or
(3)
Was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant’s death.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-17. - Distribution on termination.

§ 18-13-17. Distribution on termination.
(a)
Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1)
To the beneficiary, if not incapacitated or deceased;
(2)
To the conservator or other recipient designated by the court for an incapacitated beneficiary; or
(3)
Upon the beneficiary’s death, in the following order:
(i)
As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;
(ii)
To the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 18-13-6;
(iii)
As designated in the instrument creating the custodial trust; or
(iv)
To the estate of the deceased beneficiary.
(b)
If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c)
Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-19. - Applicable law.

§ 18-13-19. Applicable law.
(a)
This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.
(b)
A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in this state.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-20. - Uniformity of application of construction.

§ 18-13-20. Uniformity of application of construction.
This chapter shall be applied and construed to effectuate its general purpose to make the law uniform with respect to its subject among states enacting it.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-21. - Short title.

§ 18-13-21. Short title.
This chapter may be cited as the “Rhode Island Uniform Custodial Trust Act”.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-22. - Severability.

§ 18-13-22. Severability.
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
History of Section.
P.L. 1988, ch. 623, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-1. - Short title.

§ 18-14-1. Short title.
This chapter shall be known and cited as the “Uniform Testamentary Additions to Trusts Act”.
History of Section.
P.L. 1994, ch. 352, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-2. - Testamentary additions to trusts.

§ 18-14-2. Testamentary additions to trusts.
(a)
A will may validly devise or bequeath property to the trustee of a trust established or to be established:
(1)
During the testator’s lifetime by the testator, by the testator and some other person, or by some other person, including a funded or unfunded life insurance trust, although the trustor has reserved any or all rights of ownership of the insurance contracts; or
(2)
At the testator’s death by the testator’s devise to the trustee, if the trust is identified in the testator’s will and its terms are set forth in a written instrument, other than a will, executed before, concurrently with, or after the execution of the testator’s will, or in another individual’s will if that other individual has predeceased the testator, regardless of the existence, size, or character of the corpus of the trust.
(b)
The devise or bequest is not invalid because the trust is amendable or revocable, or because the trust was amended after the execution of the will or the testator’s death.
(c)
Unless the testator’s will provides otherwise, property devised or bequeathed to a trust described in subsection (a) of this section is not held under a testamentary trust of the testator but it becomes a part of the trust to which it is devised or bequeathed, and must be administered and disposed of in accordance with the provisions of the governing instrument setting forth the terms of the trust, including any amendments to it made before or after the testator’s death.
(d)
Unless the testator’s will provides otherwise, a revocation or termination of the trust before the testator’s death causes the devise or bequest to lapse.
History of Section.
P.L. 1994, ch. 352, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-3. - Effect on existing wills.

§ 18-14-3. Effect on existing wills.
This chapter applies to a will of a testator who dies after July 12, 1994.
History of Section.
P.L. 1994, ch. 352, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-4. - Uniformity of application and construction.

§ 18-14-4. Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make the law uniform with respect to the subject of this chapter among states enacting it.
History of Section.
P.L. 1994, ch. 352, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-5. - Repealed.

§ 18-14-5. Repealed.
History of Section.
P.L. 1994, ch. 352, § 1; Repealed by P.L. 2004, ch. 6, § 53, effective April 14, 2004.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-14 - Uniform Testamentary Additions to Trusts Act › Section 18-14-6. - Severability.

§ 18-14-6. Severability.
If any provision of this chapter or its application is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end provisions of this chapter are severable.
History of Section.
P.L. 1994, ch. 352, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-1. - Prudent investor rule.

§ 18-15-1. Prudent investor rule.
(a)
Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.
(b)
The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-2. - Standard of care — Portfolio strategy — Risk and return objectives.

§ 18-15-2. Standard of care — Portfolio strategy — Risk and return objectives.
(a)
A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
(b)
A trustee’s investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
(c)
Among circumstances that a trustee shall consider in investing and managing trust assets are any of the following that are relevant to the trust or its beneficiaries:
(1)
General economic conditions;
(2)
The possible effect of inflation or deflation;
(3)
The expected tax consequences of investment decisions or strategies;
(4)
The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;
(5)
The expected total return from income and the appreciation of capital;
(6)
Other resources of the beneficiaries;
(7)
Needs for liquidity, regularity of income, and preservation or appreciation of capital; and
(8)
An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.
(d)
A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.
(e)
A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.
(f)
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-3. - Diversification.

§ 18-15-3. Diversification.
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-4. - Duties at inception of trusteeship.

§ 18-15-4. Duties at inception of trusteeship.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-5. - Loyalty.

§ 18-15-5. Loyalty.
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-6. - Impartiality.

§ 18-15-6. Impartiality.
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-7. - Investment costs.

§ 18-15-7. Investment costs.
In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-8. - Reviewing compliance.

§ 18-15-8. Reviewing compliance.
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-9. - Delegation of investment and management functions.

§ 18-15-9. Delegation of investment and management functions.
(a)
A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1)
Selecting an agent;
(2)
Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3)
Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the terms of the delegation.
(b)
In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
(c)
A trustee who complies with the requirements of subsection (a) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
(d)
By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-10. - Language invoking standard of chapter.

§ 18-15-10. Language invoking standard of chapter.
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorize any investment or strategy permitted under this chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital,” “prudent man rule,” “prudent trustee rule,” “prudent person rule,” and “prudent investor rule.”
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-11. - Application to existing trusts.

§ 18-15-11. Application to existing trusts.
This chapter applies to trusts existing on and created after August 6, 1996. As applied to trusts existing on its effective date, this chapter governs only decisions or actions occurring after that date.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-12. - Uniformity of application and construction.

§ 18-15-12. Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make the law uniform with respect to the subject of this chapter among the states enacting it.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-15 - Rhode Island Uniform Prudent Investor Act › Section 18-15-13. - Short title.

§ 18-15-13. Short title.
This chapter may be cited as the “Rhode Island Uniform Prudent Investor Act”.
History of Section.
P.L. 1996, ch. 276, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-16 - Rhode Island Short Form Power of Attorney Act › Section 18-16-1. - Use of statutory form.

§ 18-16-1. Use of statutory form.
The statutory form of short form power of attorney, as set forth in § 18-16-2, may be used in the creation of a power of attorney for the purposes set forth in that section; and when used and created, shall be construed in accordance with the provisions of this chapter.
History of Section.
P.L. 1996, ch. 375, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-16 - Rhode Island Short Form Power of Attorney Act › Section 18-16-11. - Records, reports and statements.

§ 18-16-11. Records, reports and statements.
(a)
In a statutory short form power of attorney, the language conferring general authority with respect to records, reports and statements shall be construed to mean that the principal authorizes the agent:
(1)
To keep records of all cash received and disbursed for or on account of the principal, of all credits and debits to the account of the principal and of all transactions affecting in any way the assets and liabilities of the principal;
(2)
To prepare, execute and file all tax, social security, unemployment insurance and information returns, required by the laws of the United States, of any state or of any subdivision of it, or of any foreign government; to prepare, execute and file all other papers and instruments which the agent deems desirable or necessary for the safeguarding of the principal against excess or illegal taxation or against penalties imposed for claimed violation of any law or other governmental regulation;
(3)
To prepare, execute and file any record, report or statement, which the agent deems desirable or necessary for the safeguarding or maintenance of the principal’s interest, with respect to price, rent, wage or rationing control, or other governmental activity;
(4)
To hire, discharge and compensate any attorney, accountant, or other assistant or assistants when the agent deems this action to be desirable for the proper execution by him or her of any of the powers described in this section; and
(5)
In general, and in addition to all the specific acts enumerated in this section, to do any other act or acts, which the principal can do through an agent, in connection with the preparation, execution, filing, storage or other utilization of any records, reports or statements of or concerning the principal’s affairs.
(b)
All powers described in this section shall be equally exercisable with respect to any records, reports or statements of or concerning the affairs of the principal existing at the giving of the power of attorney or thereafter arising, whether arising in the state of Rhode Island or elsewhere.
History of Section.
P.L. 1996, ch. 375, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-16 - Rhode Island Short Form Power of Attorney Act › Section 18-16-12. - Additional provisions authorized in form.

§ 18-16-12. Additional provisions authorized in form.
A power of attorney which satisfies the requirements of § 18-16-2(b) is not prevented from being a statutory short form power of attorney, as that phrase is used in the sections of this chapter, by the fact that it also contains additional language which:
(1)
Eliminates from the power of attorney one or more of the powers enumerated in one or more of the constructional sections of this chapter with respect to a subdivision of the statutory short form power of attorney not eliminated from the form by the principal;
(2)
Supplements one or more of the powers enumerated in one or more of the constructional sections in this chapter with respect to a subdivision of the statutory short form power of attorney not eliminated from the form by the principal, by specifically listing additional powers of the agent; or
(3)
Makes some additional provision that is not inconsistent with the other provisions of the statutory short form power of attorney.
History of Section.
P.L. 1996, ch. 375, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-1 - Definitions and Establishment of Financial Institutions › Section 19-1-2. - Repealed.

§ 19-1-2. Repealed.
History of Section.
P.L. 1995, ch. 82, § 38; P.L. 2001, ch. 180, § 20; P.L. 2006, ch. 332, § 1; P.L. 2006, ch. 435, § 1; Repealed by P.L. 2013, ch. 50, § 2, effective June 3, 2013; P.L. 2013, ch. 57, § 2, effective June 3, 2013.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-1 - Definitions and Establishment of Financial Institutions › Section 19-1-3. - Applications — General.

§ 19-1-3. Applications — General.
(a)
All applications filed by regulated institutions shall be made to the director, or the director’s designee, other than the exceptions set forth in this title.
(b)
The director, or the director’s designee, shall cause notice of applications filed to be published on the department’s website and by any other method deemed by the director, or the director’s designee, to communicate with persons who are, or may be, interested in the application. The notice shall include a provision allowing for a public comment period. During this period, the application shall be open for public inspection at the division of banking. If, at the end of the public comment period, there are no objectors to the application, the director, or the director’s designee, may approve or deny the application. If there are any objectors, the director, or the director’s designee, may hold a public hearing to take testimony, under oath, and after considering this testimony, shall approve or deny the application. Any applicant aggrieved by any order regarding an application may appeal pursuant to the provisions of chapter 35 of title 42.
(c)
The superintendent shall collect a filing fee with respect to applications submitted to the division of banking for consideration. All fees pursuant to this section shall be paid to the director for the use of the state. The fees to be charged for each type of application shall be established by the division of banking by regulation.
(d)
The superintendent is hereby authorized to promulgate rules and regulations for the implementation of this section, including, but not limited to, the establishment of specific time periods within which a decision for the various types of applications must be rendered by the division of banking.
(e)
Any party adversely affected by a decision of the director, or the director’s designee, may make written demand upon the director, or the director’s designee, within thirty (30) days notification of the decision from which the party is appealing. A hearing conducted pursuant to this section shall be conducted pursuant to the Administrative Procedures Act, chapter 35 of title 42.
(f)
Anyone adversely affected by a decision of the director, or the director’s designee, may appeal the decision by filing an appeal with the superior court pursuant to § 42-35-15.
History of Section.
P.L. 1995, ch. 82, § 38; P.L. 1999, ch. 156, § 1; P.L. 2013, ch. 50, § 1; P.L. 2013, ch. 57, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-1 - Definitions and Establishment of Financial Institutions › Section 19-1-4. - Severability.

§ 19-1-4. Severability.
If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable.
History of Section.
P.L. 1995, ch. 82, § 38.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-1. - Agreement to form financial institution.

§ 19-2-1. Agreement to form financial institution.
Fifteen (15) or more persons, all of whom shall be citizens and residents of this state, who associate themselves by a written agreement to form, may, upon compliance with the provisions of this chapter, become a financial institution, with all the powers, rights, and privileges, and subject to all of the duties, restrictions, and liabilities set forth in this title and in all laws relating to financial institutions.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-2. - Contents of agreement to form.

§ 19-2-2. Contents of agreement to form.
(a)
Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify:
(1)
The name by which the financial institution shall be known, which shall be consistent with words identified with those of financial institutions.
(2)
The purpose for which it is formed.
(3)
The address at which its business is to be transacted.
(4)
For stock-owned companies, the amount of its capital stock, which shall in no event be less than three million dollars ($3,000,000), and the number of shares into which the capital stock is to be divided.
(5)
Whether the financial institution intends to exercise trust powers.
(b)
Each agreement to form shall contain the name, residence, and post office address of each subscriber, and, for stock-owned companies, the number of shares of stock that each subscriber agrees to take.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-3. - Application to form financial institution — Issuance or denial of certificate.

§ 19-2-3. Application to form financial institution — Issuance or denial of certificate.
The subscribers to the agreement to form shall make application to the director, or the director’s designee, for a certificate that public convenience and advantage will be promoted by the establishment of the financial institution, which certificate the director, or the director’s designee, is hereby authorized to grant. The decision on the certificate may be appealed pursuant to chapter 1 of title 19.
History of Section.
P.L. 1995, ch. 82, § 39; P.L. 2013, ch. 50, § 3; P.L. 2013, ch. 57, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-4. - Notice of subscribers’ meeting.

§ 19-2-4. Notice of subscribers’ meeting.
The first meeting of the subscribers to the agreement to form shall be called by a notice signed either by that subscriber to the agreement to form who is designated in the agreement for this purpose, or by a majority of the subscribers. The notice shall state the time, place, and purposes of the meeting. A copy of the notice shall, at least seven (7) days before the day appointed for the meeting, be given to each subscriber or left at the subscriber’s residence, and an affidavit of a majority of the signers of the notice that the notice has been served shall be recorded with the records of the first meeting. If all the subscribers, in writing, endorsed upon the agreement to form, waive this notice and fix the time and place of meeting, no notice shall be required.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-5. - Proceedings at subscribers’ meeting.

§ 19-2-5. Proceedings at subscribers’ meeting.
At the first meeting, or at the adjournment of any meeting, the subscribers shall, without limiting other actions, choose a temporary secretary, adopt bylaws, and elect, in any manner as the bylaws may determine, directors, a president, a secretary, and any other officers as the bylaws may prescribe. All of the elected officers shall be sworn to the faithful performance of their duties. The temporary secretary shall make and attest a record of the proceedings until the secretary has been chosen and sworn, including a record of the choice and qualification.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-6. - Certificate of president and directors elected at first meeting.

§ 19-2-6. Certificate of president and directors elected at first meeting.
The president and a majority of the directors who are elected at the first meeting shall make, sign, and make oath to a certificate setting forth:
(1)
A true copy of the agreement to form, the names of the subscribers to the agreement, and the name, residence, and post office address of each of the officers of the financial institution; and
(2)
The date of the first meeting.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-7. - Approval of certificate — Filing — Fee on capital stock.

§ 19-2-7. Approval of certificate — Filing — Fee on capital stock.
The certificate in § 19-2-6 shall be submitted to the director, or the director’s designee, together with the records of the first meeting, and the director, or the director’s designee, shall examine the certificate and records and may require an amendment of the certificate and records or any additional information the director may consider necessary. If the director finds that the certificate and records conform to the provisions of the preceding sections relative to the organization of the financial institution; and to the provisions of this title; and that the provisions of this title have been complied with; and that public convenience and advantage will be promoted by the establishment of the financial institution, the director, or the director’s designee, shall endorse his or her approval on the certificate and shall maintain a copy of the certificate, together with the copy of the records of the first meeting. Upon approval of the certificate by the director, or the director’s designee, the certificate shall be filed in the office of the secretary of state, together with the certificate of the general treasurer that the subscribers have paid into the treasury for the use of the state a sum equal to one-tenth of one percent (.1%) of the amount of capital stock.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-8. - Certificate of secretary of state.

§ 19-2-8. Certificate of secretary of state.
The secretary of state shall, upon the filing of certificates, as provided in § 19-2-7, and upon the payment of ten dollars ($10.00), record the certificate and issue to the financial institution a certificate, under the seal of the state, substantially in the following form:
BE IT KNOWN THAT WHEREAS (the names of the subscribers to the agreement to form) have associated themselves for the purpose of forming a financial institution under the name of (the name of the financial institution), for the purpose (the purpose declared in the agreement to form), with capital stock of (if applicable, the amount fixed in the agreement to form), and have complied with the provisions of the statutes of this state in the case made and provided, as appears from the certificate of the financial institution, duly approved by the director or the director’s designee and recorded in this office:
NOW, THEREFORE, I (the name of the secretary), secretary of state of the state of Rhode Island, do hereby certify that (the names of the subscribers to the agreement to form), their associates and successors, are legally organized and established as an existing financial institution, under the name of (name of the financial institution), with the powers, rights, and privileges, and subject to the liabilities, duties, and restrictions, imposed by law.
WITNESS my official signature subscribed hereunto subscribed, and the seal of the state of Rhode Island hereunto affixed, this ... day of ... in the year ... .
History of Section.
P.L. 1995, ch. 82, § 39.