reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-9.2 - Qualified Dispositions in Trust › Section 18-9.2-5. - Persons not subject to qualified dispositions.

§ 18-9.2-5. Persons not subject to qualified dispositions.
Notwithstanding the provisions of § 18-9.2-4, this chapter shall not apply to defeat a claim brought by:
(1)
Any person to whom the transferor is indebted on or before the date of a qualified disposition on account of an agreement or order of court for the payment of support or alimony in favor of the transferor’s spouse, former spouse or children, or for a division or distribution of property in favor of the transferor’s spouse or former spouse, but only to the extent of the debt; or
(2)
To any person who suffers death, personal injury, or property damage on or before the date of a qualified disposition by a transferor, which death, personal injury, or property damage is at any time determined to have been caused in whole or in part by the tortuous act or omission of either the transferor or by another person for whom the transferor is or was vicariously liable but only to the extent of such claim against such transferor or other person for whom such transferor is or was vicariously liable.
History of Section.
P.L. 1999, ch. 402, § 1; P.L. 2007, ch. 302, § 1; P.L. 2007, ch. 478, § 1; P.L. 2013, ch. 501, § 100.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-9.2 - Qualified Dispositions in Trust › Section 18-9.2-6. - Effect of avoidance of qualified dispositions.

§ 18-9.2-6. Effect of avoidance of qualified dispositions.
(a)
A qualified disposition shall be avoided only to the extent necessary to satisfy the transferor’s debt to the creditor at whose instance the disposition had been avoided, together with any costs, including attorney’s fees, that the court may allow.
(b)
In the event any qualified disposition is avoided as provided in subsection (a) of this section, then:
(1)
If the court is satisfied that the trustee has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:
(i)
Such trustee shall have a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorney’s fees, properly incurred by the trustee in the defense of the action or proceedings to avoid the qualified disposition;
(ii)
The qualified disposition shall be avoided subject to the proper fees, costs, preexisting rights, claims and interest of the trustee (and of any predecessor trustee that has not acted in bad faith); and
(iii)
For purposes of subdivision (1) of this subsection, it shall be presumed that the trustee did not act in bad faith merely by accepting the property;
(2)
If the court is satisfied that a beneficiary of a trust has not acted in bad faith, the avoidance of the qualified disposition shall be subject to the right of the beneficiary to retain any distribution made upon the exercise of a trust power or discretion vested in the trustee of the trust, which power or discretion was properly exercised prior to the creditor’s commencement of an action to avoid the qualified disposition. For purposes of this subdivision, it shall be presumed that the beneficiary, including a beneficiary who is also a transferor of the trust, did not act in bad faith merely by creating the trust or by accepting a distribution made in accordance with the terms of the trust.
(c)
A creditor shall have the burden of proving that a trustee or beneficiary acted in bad faith as required under subsection (b) of this section by clear and convincing evidence except that, in the case of a beneficiary who is also the transferor, the burden on the creditor shall be to prove that the transferor-beneficiary acted in bad faith by a preponderance of the evidence. The preceding sentence provides substantive nonprocedural rights under Rhode Island law.
(d)
For purposes of this chapter, attachment, garnishment, sequestration, or other legal or equitable process shall be permitted only in those circumstances permitted by the express terms of this chapter.
History of Section.
P.L. 1999, ch. 402, § 1; P.L. 2007, ch. 302, § 1; P.L. 2007, ch. 478, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-9.2 - Qualified Dispositions in Trust › Section 18-9.2-7. - Applicability of chapter.

§ 18-9.2-7. Applicability of chapter.
This chapter applies to qualified dispositions made on or after July 1, 1999.
History of Section.
P.L. 1999, ch. 402, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-10 - Registration of Securities in Name of Nominee › Section 18-10-1. - Authority to register security in name of nominee.

§ 18-10-1. Authority to register security in name of nominee.
Any trust company or national banking association doing business in this state when acting as executor, administrator, guardian, conservator, testamentary trustee, or trustee under any other instrument, whether alone or jointly with an individual or individuals, may, with the consent of the individual fiduciary or fiduciaries, if any, who are authorized to give consent, cause any stock, shares, bonds, debentures, notes, mortgages, or other securities in any corporation, business trust, or association, or any other personal property held in any capacity, to be registered and held in the name of a nominee or nominees of the trust company or national banking association, which nominee or nominees may be an individual or individuals, a partnership, or a corporation, without mention of the trust or fiduciary relationship in the certificate or other instrument or document representing the property or evidencing the title to the property.
History of Section.
P.L. 1958, ch. 101, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-10 - Registration of Securities in Name of Nominee › Section 18-10-2. - Direction for registration by individual fiduciary.

§ 18-10-2. Direction for registration by individual fiduciary.
(a)
Any individual or individuals acting as executor, administrator, guardian, conservator, testamentary trustee, or trustee under any other instrument is and are authorized, respectively, to direct any trust company or national banking association doing business in this state to cause any property deposited with the trust company or national banking association by the individual or individuals as fiduciary or fiduciaries to be registered and held in the name of a nominee or nominees of the trust company or national banking association, which nominee or nominees may be an individual or individuals, a partnership, or a corporation, without mention of the trust or fiduciary relationship in the certificate or other instrument or document representing the property or evidencing the title to the property.
(b)
The trust company or national banking association shall not redeliver the property to the individual fiduciary or fiduciaries, causing any property to be registered in the name of a nominee or nominees of the trust company or national banking association, without first causing the property to be registered in the name of the individual fiduciary or fiduciaries as redelivered property.
(c)
Any sale of the property made by the trust company or national banking association at the direction of the individual fiduciary or fiduciaries shall not be construed to be a redelivery.
(d)
The trust company or national banking association may make any disposition of the property authorized or directed in any order or decree of any court having jurisdiction of the property.
History of Section.
P.L. 1958, ch. 101, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-10 - Registration of Securities in Name of Nominee › Section 18-10-3. - Liability of trust company or banking association — Accounts to show ownership.

§ 18-10-3. Liability of trust company or banking association — Accounts to show ownership.
(a)
Any trust company or national banking association shall be absolutely liable for any loss occasioned by the acts of any nominee or nominees of the trust company or national banking association with respect to any property so registered.
(b)
The records of the fiduciary, whether corporate or individual, and the records of the trust company or national banking association in case of the registry of any property under the provisions of § 18-10-2, and all reports or accounts rendered by any fiduciary, corporate or individual, shall clearly show the ownership of the property by the fiduciary, corporate or individual.
(c)
Any property so registered shall at all times be kept separate and apart from the assets of the trust company or national banking association.
History of Section.
P.L. 1958, ch. 101, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-10 - Registration of Securities in Name of Nominee › Section 18-10-4. - Corporation or transfer agent relieved of liability on transfer of stock.

§ 18-10-4. Corporation or transfer agent relieved of liability on transfer of stock.
In case any stock, shares, bonds, debentures, notes, or other securities are registered in the name of a nominee or nominees in accordance with the provisions of this chapter, the corporation, joint stock company, business trust, or association which has issued any securities, and the transfer agent or agents and the registrar or registrars thereof, shall be fully relieved from liability for any loss occasioned by the acts of any fiduciary or of any depositary under § 18-10-2, or of the nominee or nominees with respect to securities registered in the name of the nominee or nominees.
History of Section.
P.L. 1958, ch. 101, § 4.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-10 - Registration of Securities in Name of Nominee › Section 18-10-5. - Applicability.

§ 18-10-5. Applicability.
This chapter applies to all trusts, estates, and other fiduciary relationships, whether currently existing or subsequently created.
History of Section.
P.L. 1958, ch. 101, § 5.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-1. - Short title.

§ 18-11-1. Short title.
This chapter may be cited as the “Uniform Act for Simplification of Fiduciary Security Transfers”.
History of Section.
P.L. 1959, ch. 85, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-2. - Definitions.

§ 18-11-2. Definitions.
In this chapter, unless the context otherwise requires:
(1)
“Assignment” includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.
(2)
“Claim of beneficial interest” includes a claim of any interest by a decedent’s legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his or her behalf, and includes a claim that the transfer would be in breach of fiduciary duties.
(3)
“Corporation” means a private or public corporation, association, or trust issuing a security.
(4)
“Fiduciary” means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.
(5)
“Person” includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.
(6)
“Security” includes any share of stock, bond, debenture, note, or other security issued by a corporation that is registered as to ownership on the books of the corporation.
(7)
“Transfer” means a change on the books of a corporation in the registered ownership of a security.
(8)
“Transfer agent” means a person employed or authorized by a corporation to transfer securities issued by the corporation.
History of Section.
P.L. 1959, ch. 85, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-3. - Registration in the name of a fiduciary.

§ 18-11-3. Registration in the name of a fiduciary.
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter, the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as a fiduciary with respect to that particular security.
History of Section.
P.L. 1959, ch. 85, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-4. - Assignment by a fiduciary.

§ 18-11-4. Assignment by a fiduciary.
Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
(1)
May assume without inquiry that the assignment, even though to the fiduciary himself or herself or to his or her nominee, is within his or her authority and capacity and is not in breach of his or her fiduciary duties;
(2)
May assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
(3)
Is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
History of Section.
P.L. 1959, ch. 85, § 4.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-5. - Evidence of appointment or incumbency.

§ 18-11-5. Evidence of appointment or incumbency.
A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(1)
In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or its officer and dated within sixty (60) days before the transfer; or
(2)
In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of that document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subdivision provided these standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this subdivision, except to the extent that the contents relate directly to the appointment or incumbency.
History of Section.
P.L. 1959, ch. 85, § 5.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-6. - Adverse claims.

§ 18-11-6. Adverse claims.
(a)
A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant, and is received before the transfer. Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is put on notice, unless it proceeds in the manner authorized in subsection (b) of this section.
(b)
As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by the claimant. If the corporation or transfer agent mails the notice, it shall withhold the transfer for thirty (30) days after the mailing and shall then make the transfer unless restrained by a court order.
History of Section.
P.L. 1959, ch. 85, § 6.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-7. - Non-liability of corporation and transfer agent.

§ 18-11-7. Non-liability of corporation and transfer agent.
A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.
History of Section.
P.L. 1959, ch. 85, § 7.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-8. - Non-liability of third persons.

§ 18-11-8. Non-liability of third persons.
(a)
No person who participates in the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach, unless it is shown that the person acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.
(b)
If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent, by reason of this chapter, incurs no liability.
(c)
This section does not impose any liability upon the corporation or its transfer agent.
History of Section.
P.L. 1959, ch. 85, § 8.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-9. - Territorial applicability.

§ 18-11-9. Territorial applicability.
(a)
The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
(b)
This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with this transaction.
History of Section.
P.L. 1959, ch. 85, § 9.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-10. - Tax obligations.

§ 18-11-10. Tax obligations.
This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.
History of Section.
P.L. 1959, ch. 85, § 10.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-11 - Simplification of Fiduciary Security Transfers › Section 18-11-11. - Uniformity of law.

§ 18-11-11. Uniformity of law.
This chapter shall be construed to effectuate its general purpose to make uniform the law of those states which enact it.
History of Section.
P.L. 1959, ch. 85, § 11.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-1. - Repealed.

§ 18-12-1. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; P.L. 1974, ch. 114, § 1; P.L. 1976, ch. 154, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-2. - Repealed.

§ 18-12-2. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; P.L. 1976, ch. 154, § 2; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-3. - Repealed.

§ 18-12-3. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-4. - Repealed.

§ 18-12-4. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-5. - Repealed.

§ 18-12-5. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-6. - Repealed.

§ 18-12-6. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-7. - Repealed.

§ 18-12-7. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-8. - Repealed.

§ 18-12-8. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12 - Uniform Management of Institutional Funds [Repealed.] › Section 18-12-9. - Repealed.

§ 18-12-9. Repealed.
History of Section.
P.L. 1972, ch. 260, § 1; Repealed by P.L. 2009, ch. 61, § 1; P.L. 2009, ch. 63, § 1, effective June 30, 2009. For comparable provisions, see chapter 12.1 of this title.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-1. - Short title.

§ 18-12.1-1. Short title.
This chapter shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.”
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-2. - Definitions.

§ 18-12.1-2. Definitions.
As used in this chapter:
(1)
“Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.
(2)
“Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.
(3)
“Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
(4)
“Institution” means:
(i)
a person, other than an individual, organized and operated exclusively for charitable purposes;
(ii)
a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or
(iii)
a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(5)
“Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:
(i)
program-related assets;
(ii)
a fund held for an institution by a trustee that is not an institution; or
(iii)
a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
(6)
“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(7)
“Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
(8)
“Record” means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium, and is retrievable in perceivable form.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-4. - Appropriation for expenditure or accumulation of endowment fund; rules of construction.

§ 18-12.1-4. Appropriation for expenditure or accumulation of endowment fund; rules of construction.
(a)
Subject to the intent of a donor expressed in the gift instrument [and to subsection (d)], an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(1)
The duration and preservation of the endowment fund;
(2)
The purposes of the institution and the endowment fund;
(3)
General economic conditions;
(4)
The possible effect of inflation or deflation;
(5)
The expected total return from income and the appreciation of investments;
(6)
Other resources of the institution; and
(7)
The investment policy of the institution.
(b)
To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.
(c)
Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only “income”, “interest”, “dividends”, or “rents, issues, or profits”, or “to preserve the principal intact”, or words similar import:
(1)
Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(2)
Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a).
(d)
The appropriation for expenditure in any year of an amount greater than seven (7%) percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three (3) years immediately preceding the year in which the appropriation for expenditure is made, creates a rebuttable presumption of imprudence. For an endowment fund in existence for fewer than three (3) years, the fair market value of the endowment fund must be calculated for the period the endowment fund has been in existence. This subsection does not:
(1)
Apply to an appropriation for expenditure permitted under law other than this chapter or by the gift instrument; or
(2)
Create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to seven (7%) percent of the fair market value of the endowment fund.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-5. - Delegation of management and investment functions.

§ 18-12.1-5. Delegation of management and investment functions.
(a)
Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(1)
Selecting an agent;
(2)
Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(3)
Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.
(b)
In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(c)
An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.
(d)
By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
(e)
An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this chapter.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-6. - Release or modification of restrictions on management, investment, or purpose.

§ 18-12.1-6. Release or modification of restrictions on management, investment, or purpose.
(a)
If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(b)
The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of restriction will further the purposes of the fund. The institution shall notify the attorney general of the application, and the attorney general must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor’s probable intention.
(c)
If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the attorney general of the application, and the attorney general must be given an opportunity to be heard.
(d)
If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, sixty (60) days after notification to the attorney general, may release or modify the restriction, in whole or part, if:
(1)
The institutional fund subject to the restriction has a total value of less than twenty-five thousand dollars ($25,000);
(2)
More than twenty (20) years have elapsed since the fund was established; and
(3)
The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-7. - Reviewing compliance.

§ 18-12.1-7. Reviewing compliance.
Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is take, and not by hindsight.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-8. - Application to existing institutional funds.

§ 18-12.1-8. Application to existing institutional funds.
This chapter applies to institutional funds existing on or established after the effective date of this chapter. As applied to institutional funds existing on the effective date of this chapter, this chapter governs only decisions made or actions taken on or after that date.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-9. - Relation to Electronic Signatures in Global and National Commerce Act.

§ 18-12.1-9. Relation to Electronic Signatures in Global and National Commerce Act.
This chapter modified, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101 of that act, 15 U.S.C. § 7001(a), or authorize electronic delivery of any of the notices described in § 103 of that act, 15 U.S.C. § 7003(b).
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act › Section 18-12.1-10. - Uniformity of application and construction.

§ 18-12.1-10. Uniformity of application and construction.
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
History of Section.
P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-13 - Rhode Island Uniform Custodial Trust Act › Section 18-13-1. - Definitions.

§ 18-13-1. Definitions.
As used in this chapter:
(1)
“Adult” means an individual who is at least eighteen (18) years of age.
(2)
“Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter.
(3)
“Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
(4)
“Court” means the probate courts of this state.
(5)
“Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest.
(6)
“Custodial trustee” means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the designated person.
(7)
“Guardian” means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.
(8)
“Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
(9)
“Legal representative” means a personal representative or conservator.
(10)
“Member of the beneficiary’s family” means a beneficiary’s spouse, descendent, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(11)
“Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
(12)
“Personal representative” means an executor, administrator, or a special administrator of a decedent’s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
(13)
“State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
(14)
“Transferor” means a person who creates a custodial trust by transfer or declaration.
(15)
“Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
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 18-13-2. - Custodial trust — General.

§ 18-13-2. Custodial trust — General.
(a)
A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under this chapter.
(b)
A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under this chapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
(c)
Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
(d)
Except as provided in subsection (e) of this section, a transferor may not terminate a custodial trust.
(e)
The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
(f)
Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
(g)
The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
(h)
This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.
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 18-13-3. - Custodial trustee for future payment or transfer.

§ 18-13-3. Custodial trustee for future payment or transfer.
(a)
A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by “as custodial trustee for (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act”.
(b)
Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated trustee is unable or unwilling to serve.
(c)
A designation under this section may be made in a will, a trust, a deed, a multi-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.
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 18-13-4. - Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.

§ 18-13-4. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.
(a)
Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property.
(b)
The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE
I, _______________________________________ , (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Rhode Island Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ___________
Dated: _______________________________________
(Signature of Custodial Trustee)
(c)
Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to 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 18-13-5. - Transfer to custodial trustee by fiduciary or obligor — Facility of payment.

§ 18-13-5. Transfer to custodial trustee by fiduciary or obligor — Facility of payment.
(a)
Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 18-13-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator, may make a transfer to an adult member of the beneficiary’s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b)
A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
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 18-13-6. - Multiple beneficiaries — Separate custodial trusts — Survivorship.

§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.
(a)
Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
(b)
Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial account.
(c)
A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to §§ 18-13-7 and 18-13-15 for the administration of the custodial trust.
History of Section.
P.L. 1988, ch. 623, § 1.