reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-13. - Parties to management proceedings — Guardians ad litem — Costs.

§ 18-4-13. Parties to management proceedings — Guardians ad litem — Costs.
(a)
Any persons who have any vested, contingent, executory, or future right, title, interest, or estate in or to any part of the trust property, and any persons who might by any future contingency have any right, title, interest, or estate, may join in bringing a proceeding under § 18-4-10, and any persons who do not join may be made parties defendant.
(b)
Any persons not ascertained or not in being, who are or who may become entitled to any contingent, executory, or other future right, title, interest, or estate, together with the interests of these persons, may be designated and described in the proceeding for the purpose of having guardians ad litem appointed to represent them and their interests as provided in this section.
(c)
Notice of the pendency of the proceeding shall be given to all parties defendant and to all persons not in being or not ascertained in the manner that the court may order.
(d)
The court shall, in every proceeding, appoint guardians ad litem, who may also act as counsel, to represent parties non sui juris and persons not in being or not ascertained, who are designated and described according to this section, and the interests of these parties and persons.
(e)
The cost of the appearance and services of the guardians ad litem and counsel, to be determined by the court, shall be paid, as the court may order, either out of the trust property generally, or out of the proceeds of any disposition of the property which may be ordered, or by the party or parties to the proceeding as the court may order.
History of Section.
G.L. 1909, ch. 259, § 11; P.L. 1917, ch. 1501, § 1; G.L. 1923, ch. 303, § 11; G.L. 1938, ch. 486, § 20; G.L. 1956, § 18-4-13.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-14. - Binding effect of authorized transactions.

§ 18-4-14. Binding effect of authorized transactions.
(a)
Any transaction authorized under this chapter shall be binding upon the entire estate and interest in the trust property of all the parties to the proceeding and of all persons designated and described in the proceeding, as provided.
(b)
No transaction, note, covenant, or other obligation, executed or entered into as a part of or as an incident to any transaction, shall bind the trustee or trustees personally, insofar as the transaction, note, covenant, or other obligation is made by the trustee or trustees in his or her or their representative capacity.
History of Section.
G.L. 1909, ch. 259, § 11; P.L. 1917, ch. 1501, § 1; G.L. 1923, ch. 303, § 11; G.L. 1938, ch. 486, § 20; G.L. 1956, § 18-4-14.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-15. - Definitions.

§ 18-4-15. Definitions.
(a)
In §§ 18-4-16 — 18-4-21, unless the context or subject matter otherwise requires:
(1)
“Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking.
(2)
“Fiduciary” includes a trustee under any trust, expressed, implied, resulting, or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.
(3)
“Person” includes a corporation, partnership, or other association, or two (2) or more persons having a joint or common interest.
(4)
“Principal” includes any person to whom a fiduciary owes an obligation.
(b)
A thing is done “in good faith”, within the meaning of §§ 18-4-16 — 18-4-21, when it is in fact done honestly, whether it is done negligently or not.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-16. - Payments or transfers to fiduciaries — Effect of misapplication by fiduciary.

§ 18-4-16. Payments or transfers to fiduciaries — Effect of misapplication by fiduciary.
A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary is authorized to receive, is not responsible for the proper application of the money or other property by the fiduciary; and any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-17. - Transfer of negotiable instrument by fiduciary.

§ 18-4-17. Transfer of negotiable instrument by fiduciary.
If any negotiable instrument payable or indorsed to a fiduciary is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his or her principal is indorsed by a fiduciary empowered to indorse the instrument on behalf of his or her principal, the indorsee is not bound to inquire whether the fiduciary is committing a breach of his or her obligation as fiduciary in indorsing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his or her obligation as fiduciary, unless he or she takes the instrument with actual knowledge of the breach, or with knowledge of any facts that his or her action in taking the instrument amounts to bad faith. If, however, the instrument is transferred by the fiduciary in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is transferred in any transaction known by the transferee to be for the personal benefit of the fiduciary, the creditor or other transferee is liable to the principal if the fiduciary in fact commits a breach of his or her obligation as fiduciary in transferring the instrument.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-18. - Check drawn by fiduciary payable to third person.

§ 18-4-18. Check drawn by fiduciary payable to third person.
If a check or other bill of exchange is drawn by a fiduciary, or in the name of his or her principal by a fiduciary empowered to draw the instrument in the name of his or her principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his or her obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his or her obligation as fiduciary, unless he or she takes the instrument with actual knowledge of the breach, or with knowledge of any facts that his or her action in taking the instrument amounts to bad faith. If, however, the instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his or her obligation as fiduciary in drawing or delivering the instrument.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-19. - Check drawn by and payable to fiduciary.

§ 18-4-19. Check drawn by and payable to fiduciary.
If a check or other bill of exchange is drawn by a fiduciary or in the name of his or her principal by a fiduciary empowered to draw the instrument in the name of his or her principal, payable to the fiduciary personally, or payable to a third person and by him or her transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his or her obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his or her obligation as fiduciary, unless he or she takes the instrument with actual knowledge of the breach, or with knowledge of any facts that his or her action in taking the instrument amounts to bad faith.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-20. - Deposit in name of fiduciary.

§ 18-4-20. Deposit in name of fiduciary.
If a deposit is made in a bank to the credit of a fiduciary, the bank is authorized to pay the amount of the deposit or any part of it upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his or her obligation as fiduciary in drawing the check, or with knowledge of any facts that its action in paying the check amounts to bad faith. If, however, a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his or her obligation as fiduciary in drawing or delivering the check.
History of Section.
P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-21. - Deposit in fiduciary’s personal account.

§ 18-4-21. Deposit in fiduciary’s personal account.
If a fiduciary makes a deposit in a bank to his or her personal credit of checks drawn by him or her upon an account in his or her own name as fiduciary, or of checks payable to him or her as fiduciary, or of checks drawn by him or her upon an account in the name of his or her principal if he or she is empowered to draw checks on that account, or of checks payable to his or her principal and indorsed by him or her, if he or she is empowered to indorse these checks, or if he or she otherwise makes a deposit of funds held by him or her as fiduciary, the bank receiving the deposit is not bound to inquire whether the fiduciary is committing a breach of his or her obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part of it upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his or her obligation as fiduciary in making the deposit or in drawing the check, or with knowledge of any facts that its action in receiving the deposit or paying the check amounts to bad faith.
History of Section.
P.L. 1960, ch. 147, § 3; G.L. 1956, § 18-4-22; P.L. 1969, ch. 43, § 1; G.L. 1956, § 18-4-21.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-22. - Administration of trusts.

§ 18-4-22. Administration of trusts.
(a)
In the administration of any trust which is a “private foundation,” a “charitable trust,” or a “split-interest trust,” as these terms are defined in §§ 509(a), 4947(a)(1), and 4947(a)(2), respectively, of the Internal Revenue Code, 26 U.S.C. §§ 509(a), 4947(a)(1) and 4947(a)(2), the following acts are prohibited:
(1)
Engaging in any act of “self-dealing,” as defined in § 4941(d) of the Internal Revenue Code, 26 U.S.C. § 4941(d), which would give rise to any liability for the tax imposed by § 4941(a);
(2)
Retaining any “excess business holdings,” as defined in § 4943(c) of the Internal Revenue Code, 26 U.S.C. § 4943(c), which would give rise to any liability for the tax imposed by § 4943(a);
(3)
Making any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code, 26 U.S.C. § 4944, which would give rise to any liability for the tax imposed by § 4944(a); and
(4)
Making any “taxable expenditures,” as defined in § 4945(d) of the Internal Revenue Code, 26 U.S.C. § 4945(d), which would give rise to any liability for the tax imposed by § 4945(a);
(b)
This section shall not apply either to those “split-interest trusts” or to amounts of them which are not subject to the prohibitions applicable to a “private foundation” as defined in § 509(a) of the Internal Revenue Code, 26 U.S.C. § 509(a), by reason of § 4947.
(c)
In the administration of any trust which is a “private foundation” or a “charitable trust” as defined in §§ 509(a) and 4947(a)(1), respectively, of the Internal Revenue Code, 26 U.S.C. §§ 509(a) and 4947(a)(1), there shall be distributed, for the purposes specified in the trust instrument, for each taxable year, amounts of income and, if necessary, corpus at least sufficient to avoid liability for the tax imposed by 26 U.S.C. § 4942(a).
(d)
The provisions of subsections (a) and (b) of this section shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that the application would be contrary to the terms of the instrument governing the trust and that the instrument may not properly be changed to conform to these subsections.
(e)
All references to sections of the Internal Revenue Code shall include future amendments to those sections and corresponding provisions of future internal revenue laws.
History of Section.
P.L. 1971, ch. 253, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-23. - Charitable remainder trusts.

§ 18-4-23. Charitable remainder trusts.
(a)
As used in this section the term “charitable remainder trust” has the meaning ascribed to that term in § 664 of the Internal Revenue Code, 26 U.S.C. § 664, and in §§ 1.664-1 through 1.664-4 of proposed regulations dealing with charitable remainder trusts, published in the federal register on September 18, 1971, on behalf of the secretary of the treasury of the United States or the secretary’s delegate.
(b)
The superior court shall have jurisdiction:
(1)
In the case of property transferred to a trust created before August 1, 1969, whose governing instrument provides that an organization described in § 170(c) of the Internal Revenue Code, 26 U.S.C. § 170(c), receives an irrevocable remainder interest in the trust, to enter judgment whereunder, in order that the trust qualify as a charitable remainder trust, the transferred property and any undistributed income from it is to be severed and placed in a separate trust, within the meaning of § 1.664-1(g)(2) of the proposed regulations.
(2)
In the case of a trust created subsequent to July 31, 1969, whose governing instrument provides that an organization referred to in 26 U.S.C. § 170(c) receives an irrevocable remainder interest in the trust, to enter judgment whereunder, in order that the trust qualify as a charitable remainder trust, the governing instrument is to be amended by including in the instrument the provisions required by the proposed regulations to be included; deleting from the instrument the provisions prohibited by the proposed regulations from being included; and, to the extent found by the court to be in furtherance of the intention of the creator of the trust, including provisions permitted by the proposed regulations to be included.
(c)
The provisions of subsection (b) of this section shall not apply to the extent that the superior court determines that the application would be contrary to the terms of the instrument governing the trust and that the instrument may not properly be changed to conform to the proposed regulations.
(d)
All references to sections of the Internal Revenue Code shall include future amendments to those sections and corresponding provisions of future internal revenue laws; and all references to sections of proposed regulations shall include regulations dealing with charitable remainder trusts as finally adopted by the secretary of the treasury or the secretary’s delegate and future amendments to those regulations.
History of Section.
P.L. 1972, ch. 193, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-25. - Consolidation or division of trusts.

§ 18-4-25. Consolidation or division of trusts.
(a)
Upon petition by a trustee, beneficiary, or any party in interest and for good cause shown, the court, after notice to all parties in interest and a hearing, may order the division of a trust into two (2) or more single trusts, or consolidate two (2) or more trusts which have either a common creator or common beneficiaries into a single trust, upon terms and conditions that it deems appropriate; provided, that it is satisfied that:
(1)
Consolidation or division is not inconsistent with the intent of the creator of the trust with regard to any trust to be consolidated or divided; and
(2)
Consolidation or division would be in the best interest of the beneficiaries as a whole, taking into account tax, legal, administrative, and/or other considerations and would not materially impair the respective interests of the beneficiaries as a whole.
(b)
This section shall apply to all trusts whenever created, whether inter vivos or testamentary, whether created by the same or different instruments, whether created by the same or different persons, and regardless of where created or administered.
(c)
This section shall not limit the right of a trustee, acting in accordance with the applicable provisions of the governing instrument, to divide or consolidate trusts.
History of Section.
P.L. 1988, ch. 518, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-27. - Validity of trusts.

§ 18-4-27. Validity of trusts.
(a)
A trust which is otherwise valid and which has been created by a written instrument, including, but not limited to, a trust in which the principal is composed in whole or in part of real property, shall not be held invalid for any one or more of the following reasons:
(1)
Because the settlor, or another person, or both, possess the power to revoke, amend, alter, or modify the trust in whole or in part;
(2)
Because the settlor, or another person, or both, possess the power to appoint, by deed or will, the persons and organizations to whom the income shall be paid or the principal distributed;
(3)
Because the settlor, or another person, or both, possess the power to add to, or withdraw from, the trust all or any part of the principal or income at one or at different times;
(4)
Because the settlor, or another person, or both, possess the power to remove the trustee or trustees and appoint a successor trustee or trustees;
(5)
Because the settlor has retained the right to receive all or part of the income of the trust during his or her life or for any part of his or her life; or
(6)
Because the settlor is the sole trustee and the sole current beneficiary of the trust during his or her lifetime.
(b)
This section shall apply to all trusts created by written instrument, except where the validity of the trust is in issue in a case pending on August 11, 1995.
(c)
The doctrine of merger shall not apply to invalidate an otherwise valid revocable or irrevocable trust unless the legal title to the trust property and the entire beneficial interest, including future and contingent beneficial interests, become irrevocably united in one person who is not under an incapacity.
(d)
If the beneficiary of a spendthrift trust having the entire beneficial interest in the trust property becomes without his or her consent the sole trustee, the beneficiary may procure the appointment of a new trustee and have the trust reconstituted.
(e)
Nothing contained in this section shall affect the validity of those accounts, including, but not limited to, bank accounts, share accounts, deposits, certificates of deposit, savings certificates, and other similar arrangements, previously or subsequently established at any bank, savings and loan association, or credit union by one or more persons, in trust for one or more other persons.
History of Section.
P.L. 1995, ch. 389, § 1; P.L. 2000, ch. 109, § 29.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-29. - Total return unitrusts — Alternative definition of income.

§ 18-4-29. Total return unitrusts — Alternative definition of income.
(a)
The following provisions shall apply to a trust which by its governing instrument, pursuant to court reformation or pursuant to adjustment in accordance with § 18-4-28 requires the distribution at least annually of an amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust’s assets (the “Unitrust Amount”) valued at least annually, such trust to be referred to as a “Total Return Unitrust”:
(1)
The Unitrust Amount may be determined by reference to the net fair market value of the trust’s assets in one year or more than one year.
(2)
Distribution of such a fixed percentage Unitrust Amount is considered a distribution of all of the income of the Total Return Unitrust and shall not be considered a fundamental departure from state law.
(3)
Such a distribution of the fixed percentage of not less than three percent (3%) not more than five percent (5%) is considered to be a reasonable apportionment of the total return of a Total Return Unitrust.
(4)
A Total Return Unitrust that provides for a fixed percentage in excess of five percent (5%) per year shall be considered to have paid out all of the income of the Total Return Unitrust, and to have paid out principal of the Total Return Unitrust to the extent that the fixed percentage payout exceeds five percent (5%) per year.
(5)
The governing instrument (including any changes effected by court reformation) may or may not grant discretion to the trustee to adopt a consistent practice of treating capital gains as part of the unitrust distribution, to the extent that the Unitrust Amount exceeds the net accounting income, or it may specify the ordering of such classes of income.
(b)
Unless the terms of the governing instrument (including any changes effected by court reformation) specifically provide otherwise or grant discretion to the trustee as set forth above, a distribution of the Unitrust Amount shall be considered to have been made from the following sources in order of priority:
(1)
From ordinary income determined as if the trust were not a unitrust;
(2)
From ordinary income not allocable to net accounting income;
(3)
From net realized short-term capital gains;
(4)
From net realized long-term capital gains; and
(5)
From the principal of the trust estate.
(c)
The governing instrument (including any changes effected by court reformation or adjustment by the trustee) may provide that assets used by the trust beneficiary, such as residence property or tangible personal property, may be excluded from the net fair market value for computing to the Unitrust Amount. Such use may be considered equivalent to income or the Unitrust Amount.
History of Section.
P.L. 2006, ch. 168, § 1; P.L. 2006, ch. 191, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4 - Powers of Fiduciaries › Section 18-4-30. - Representation by person having substantially identical interest.

§ 18-4-30. Representation by person having substantially identical interest.
In any action involving wills, estates, trusts or fiduciaries in the Probate Court or the Superior Court, a minor, an incapacitated person or an unborn or unascertained person whose identity and location is unknown and not reasonably ascertainable, unless otherwise represented, may be represented by and bound by another having a substantially identical interest with respect to the particular question or dispute, but only to the extent that:
(1)
The person’s interest is adequately represented; and
(2)
There is no conflict of interest between the representative and the person represented.
History of Section.
P.L. 2006, ch. 167, § 1; P.L. 2006, ch. 190, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-1. - Short title.

§ 18-4.1-1. Short title.
This chapter shall be known and may be cited as “The Public Radio Conversions Act.”
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-2. - Findings.

§ 18-4.1-2. Findings.
The general assembly finds and declares that:
(1)
Public radio stations in Rhode Island contribute uniquely and substantially to the cultural, educational and journalistic quality of life in Rhode Island;
(2)
Rhode Island’s existing public radio stations have been built and maintained through the charitable contributions of thousands of Rhode Island individuals, foundations and businesses who expected that their contributions would be used to maintain and improve public radio stations in Rhode Island;
(3)
Consolidation in commercial radio and other media has reduced the number of Rhode Island owned and operated cultural, educational and news organizations;
(4)
Rhode Island public radio stations are under particular challenge because the lawful but dominant signal strength and broadcasting priority of television’s broadcast channel six limits the signal strength of virtually all noncommercial radio licenses in Rhode Island, thereby limiting the technical ability of Rhode Island public radio stations to serve the entire state through a single noncommercial radio license;
(5)
Public radio stations that do not operate on frequencies reserved for noncommercial broadcasting may easily be sold to for-profit entities that do maintain public radio programs;
(6)
Donations to Rhode Island charities are given with the intent that each charity will use the donations to support the charity’s mission as long as the charity and mission are viable; and
(7)
In order to protect public welfare and public and charitable assets, and ensure that Rhode Islanders’ gifts to Rhode Island public radio stations are used for their intended purposes, it is necessary to establish standards and procedures that result in recoupment of public investment through the assessment of a conversion fee to create the financial infrastructure to replicate public radio programming that may be lost in the sale of a public station to a commercial operator.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-3. - Purpose.

§ 18-4.1-3. Purpose.
The purpose of this chapter is to:
(1)
Assure Rhode Islanders retain or expand access to high quality public radio station programming;
(2)
Establish a process to evaluate, monitor and review whether the conversion of a public radio station to a commercial station is consistent with the intentions of Rhode Island donors whose contributions had made the noncommercial station viable;
(3)
Establish a review process for determining whether assessment of a conversion fee is appropriate in a public radio station conversion;
(4)
Clarify the jurisdiction and the authority of the department of attorney general to preserve and protect public and charitable assets in reviewing public radio station conversions; and
(5)
Provide for independent organizations to hold, spend and/or distribute the conversion fee for public radio station conversions that the attorney general considers not to provide a community benefit.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-5. - Notice and Conversion Fee.

§ 18-4.1-5. Notice and Conversion Fee.
(a)
The transacting parties shall notify the department of attorney general within five (5) business days after entering into an agreement for conversion of public radio station, and in no event later than the date on which an application to transfer, assign or amend the license of a public radio station to permit commercial operations is filed with the FCC. In the event the department of attorney general concludes that a conversion has occurred and did not constitute a community benefit, or a conversion is proposed to occur and will likely not constitute a community benefit, the department of attorney general shall have the authority to order the acquirer to pay to an organization pursuant to § 18-4.1-11 below, a conversion fee upon consummation of the conversion of an amount not to exceed the sum of all donations made to the acquiree related to its public radio station since its inception, plus two (2) times the average annual revenue received by the acquiree related to its public radio station during the preceding three (3) years. The amount of the conversion fee should be sufficient in the attorney general’s opinion, to finance production of the public radio programming lost in the conversion. In order to evaluate whether the conversion constitutes a community benefit, the transacting parties shall be entitled to file such information with the department of attorney general as they may elect and as the department of attorney general may request.
(b)
Two (2) copies of the initial application shall be addressed to the attorney general, and sent to the department of attorney general either by hand (provided the deliverer obtains a receipt from the department of attorney general for the delivery) or by United States mail, certified, return receipt requested.
(c)
Except for information determined by the attorney general in accordance with § 18-4.1-14 to be confidential and/or proprietary, or otherwise required by law to be maintained as confidential, the initial application and supporting documentation shall be considered public records and shall be available for inspection upon request.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-7. - Reports, use of experts, costs.

§ 18-4.1-7. Reports, use of experts, costs.
The department of attorney general may in effectuating the purposes of this chapter engage experts or consultants including, but not limited to, actuaries, investment bankers, accountants, attorneys, or industry analysts. All copies of reports prepared by experts and consultants, and costs associated with the reports, shall be made available to the transacting parties and to the public. All costs incurred under this provision, including internal attorney general costs, shall be the responsibility of one or more transacting parties in an amount to be determined by the attorney general as he or she deems appropriate. No filing made pursuant to the requirements of this chapter shall be considered complete unless an agreement has been executed with the attorney general for the payment of costs in accordance with this section.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-8. - Investigations — Notice to attend — Court order to appear — Contempt.

§ 18-4.1-8. Investigations — Notice to attend — Court order to appear — Contempt.
(a)
The attorney general may conduct investigations in discharging the duties required under this chapter. For purposes of this investigation the attorney general may require any person, agent, trustee, fiduciary, consultant, institution, association, or corporation directly related to the proposed conversion to appear at any time and place that the attorney general may designate, then and there under oath to produce for the use of the attorney general any and all documents and any other information relating directly to the proposed conversion that the attorney general may require.
(b)
Whenever the attorney general may require the attendance of any person as provided in subsection (a), the attorney general shall issue a notice setting the time and place when the attendance is required and shall cause the notice to be delivered or sent by registered or certified mail to the person at least fourteen (14) days before the date fixed in the notice for the attendance.
(c)
If any person receiving notice pursuant to this provision neglects to attend or remain in attendance so long as may be necessary for the purposes which the notice was issued, or refuses to produce information requested, any justice of the superior court for the county within which the inquiry is carried on or within which the person resides or transacts business, upon filing by the attorney general, or any transacting party shall have jurisdiction to hear and consider on an expedited basis the request, and if appropriate and relevant to the consideration of proposed conversion, may issue to the person an order requiring the person to appear before the attorney general there to produce for the use of the attorney general evidence in accordance with the terms of the order of the court, and any failure to obey the order of the superior court may be punished by the court as contempt of court.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-9. - Perjury.

§ 18-4.1-9. Perjury.
Any person who is found to have testified falsely under oath before the legislature, or the attorney general pursuant to this chapter shall be subject to prosecution for perjury and be subject to the penalties set forth in § 18-4.1-13.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-10. - No derogation of attorney general.

§ 18-4.1-10. No derogation of attorney general.
(a)
No provision of this chapter shall derogate from the common law or statutory authority of the attorney general nor shall any provision be construed as a limitation on the common law or statutory authority of the attorney general, including the authority to investigate at any time charitable trusts for the purpose of determining and ascertaining whether they are being administered in accordance with law and with the terms and purpose thereof.
(b)
No provision of this chapter shall be construed as a limitation on the filing of the doctrine of cy pres or any other legal doctrine applicable to charitable assets and/or charitable trusts.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-11. - Distribution of conversion fee — Selection of a charitable organization by superior court.

§ 18-4.1-11. Distribution of conversion fee — Selection of a charitable organization by superior court.
Any conversion fee shall be awarded by the superior court to an existing or newly formed legal entity that is a nonprofit corporation organized under chapter 6 of title 7, is exempt from taxation under Section 501(a) of the United States Internal Revenue Code as an organization described in Section 501(c)(3) of such code and has as its primary purpose to promote and/or operate public radio stations in Rhode Island.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-12. - Whistleblower protections.

§ 18-4.1-12. Whistleblower protections.
(a) Prohibition against discrimination.
No person subject to the provisions of this chapter, may discharge, demote, threaten or otherwise discriminate against any person or employee with respect to compensation, terms, conditions, or privileges of employment as a reprisal because the person or employee (or any person acting pursuant to the request of the employee) provided or attempted to provide information to the attorney general or his or her designee regarding possible violation or failure to satisfy the approval criteria of this chapter.
(b) Enforcement.
Any person or employee or former employee subject to the provisions of this chapter who believes that he or she has been discharged or discriminated against in violation of subsection (a) may file a civil action within three (3) years of the date of discharge or discrimination.
(c) Remedies.
If the court determines that a violation has occurred, the court may order the person who committed the violation to:
(1)
Reinstate the employee to the employee’s former position;
(2)
Pay compensatory damages, costs of litigation and attorneys’ fees; and/or
(3)
Take other appropriate actions to remedy any past discrimination.
(d) Limitation.
The protections of this section shall not apply to any person or employee who:
(1)
Deliberately causes or participates in the alleged violation of law or regulation; or
(2)
Knowingly or recklessly provides substantially false information to the attorney general or his or her designee.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-13. - Failure to comply — Penalties.

§ 18-4.1-13. Failure to comply — Penalties.
If any person knowingly violates or fails to comply with any provision of this chapter or willingly or knowingly gives false or incorrect information, the superior court may, after notice and opportunity for a prompt and fair hearing, impose a fine of not more than one million dollars ($1,000,000).
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-14. - Disclosure of documents.

§ 18-4.1-14. Disclosure of documents.
The attorney general has the power to decide whether any information required by this chapter of a filer is confidential and/or proprietary. The decisions by the attorney general shall be made prior to any public notice of information filed pursuant to this chapter or any public reviews of any information and shall be binding on the attorney general and all experts or consultants engaged by the attorney general.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-15. - Severability.

§ 18-4.1-15. Severability.
If any provision of this chapter or the filing of any provision to any person or circumstances is held invalid, that invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-4.1 - The Public Radio Conversions Act › Section 18-4.1-16. - Judicial review.

§ 18-4.1-16. Judicial review.
Any transacting party aggrieved by a final order of the attorney general under this chapter may seek judicial review by original action filed in the superior court.
History of Section.
P.L. 2005, ch. 211, § 1; P.L. 2005, ch. 369, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-1. - Establishment by banks and trust companies authorized.

§ 18-5-1. Establishment by banks and trust companies authorized.
(a)
Any trust company or national banking association qualified to act as a fiduciary in this state may establish one or more common trust funds for the purpose of investment and reinvestment of money received and held by the trust company or national banking association as fiduciary or cofiduciary, and as the fiduciary or cofiduciary it may invest funds which it lawfully holds for investment in interests or participations in one or more common trust funds established by it, if the investment is not expressly prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of cofiduciaries, it procures the consent of its cofiduciary or cofiduciaries to the investment.
(b)
Any trust company or national banking association qualified to act as a fiduciary in this state may invest funds which it holds in a fiduciary or cofiduciary capacity in any common trust fund established by any affiliate, if the investment is not expressly prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of cofiduciaries, it procures the consent of its cofiduciary or cofiduciaries to the investment.
History of Section.
P.L. 1956, ch. 3839, § 1; G.L. 1956, § 18-5-1; P.L. 1988, ch. 306, § 1; P.L. 1991, ch. 95, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-2. - Definitions.

§ 18-5-2. Definitions.
(a)
As used in this chapter, “affiliate” of a trust company or national banking association means a member of an affiliated group connected through stock ownership with a common parent corporation which directly or indirectly owns stock possessing at least eighty percent (80%) of the total voting power and at least eighty percent (80%) of the total value of stock of each member of the affiliated group other than the common parent corporation.
(b)
“Common trust fund” means a fund maintained by a bank or trust company exclusively for the collective investment and reinvestment of money contributed to the fund by the bank or trust company in its capacity as a trustee, executor, administrator, or guardian, or as a cotrustee, coexecutor, coadministrator, or coguardian.
History of Section.
P.L. 1956, ch. 3839, § 2; G.L. 1956, § 18-5-2; P.L. 1963, ch. 123, § 1; P.L. 1988, ch. 306, § 1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-3. - Property tax on assets.

§ 18-5-3. Property tax on assets.
Real estate and tangible personal property constituting assets of a common trust fund shall be taxed to the owner of the assets in the same manner as otherwise required by law.
History of Section.
P.L. 1956, ch. 3839, § 3; G.L. 1956, § 18-5-3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-4. - Exemption of funds from taxation generally.

§ 18-5-4. Exemption of funds from taxation generally.
Except as provided in § 18-5-3, no common trust fund nor any asset of the fund, nor any trust company or national banking association by reason of its ownership or operation of the fund or asset, shall be subject to any tax now or subsequently levied, assessed, or imposed by the state of Rhode Island, or by any city, town, or other political subdivision of the state.
History of Section.
P.L. 1956, ch. 3839, § 3; G.L. 1956, § 18-5-4; P.L. 1969, ch. 197, art. 7, § 2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-5. - Repealed.

§ 18-5-5. Repealed.
History of Section.
P.L. 1956, ch. 3839, § 3; Repealed by P.L. 1969, ch. 197, art. 7, § 3.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-6. - Relationships to which chapter applicable.

§ 18-5-6. Relationships to which chapter applicable.
This chapter shall apply to fiduciary relationships in existence on May 2, 1956, or thereafter established.
History of Section.
P.L. 1956, ch. 3839, § 5; G.L. 1956, § 18-5-6.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-5 - Common Trust Funds › Section 18-5-7. - Severability.

§ 18-5-7. Severability.
This chapter is declared to be severable, and should any provision of this chapter or its application to any person or circumstances be held invalid, the invalidity shall not affect the other provisions or applications of the chapter which can be given effect without the invalid provision or application.
History of Section.
P.L. 1956, ch. 3839, § 4; G.L. 1956, § 18-5-7.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-6 - Accounting › Section 18-6-1. - Compensation and expenses of trustee.

§ 18-6-1. Compensation and expenses of trustee.
Every trustee under any trust instrument, whether previously or subsequently made, shall be entitled to reasonable expenses and costs incurred in the execution of the trust, and also reasonable compensation for services rendered as trustee, which expenses, costs, and compensation may be charged annually or from time to time and may be equitably apportioned between principal and income in a manner that the trustee shall determine.
History of Section.
G.L. 1938, ch. 486, § 26; P.L. 1956, ch. 3838, § 1; G.L. 1956, § 18-6-1.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-6 - Accounting › Section 18-6-2. - Discharge of trustee by payment into court.

§ 18-6-2. Discharge of trustee by payment into court.
(a)
Whenever a trustee holds any sum of money, or any bond, note, or other obligation for money, or evidence of indebtedness, or any certificate of stock or other chose in action, payable or deliverable to, or the property of, another, and the person entitled to it cannot, for any reason, give proper receipt or discharge for it, and the trustee holding the money or property desires to free himself or herself from further liability for it, the trustee may pay or deliver the money or property into the registry of the superior court, presenting with it his or her petition praying to be discharged, and setting out, under oath, to the best of the knowledge, information, and belief of the affiant, the circumstances under which the trustee holds the money or property, and how the other person or persons is or are entitled to it, and why the trustee or they cannot give proper receipt or discharge for the money or property; and upon the filing of the petition, notice of it shall be given in the manner that the court shall direct.
(b)
The court shall take any proceedings in respect of the money or property that it deems best.
(c)
The costs and expenses, including expenses and counsel fees of the trustee, as between solicitor and client, as allowed by the court or by one of the justices of the court, shall be paid or retained accordingly out of the money or property.
(d)
When any person entitled to the money or property paid or deposited in the registry appears and satisfies the court as to his or her right to the money or property, it shall be paid or delivered over to that person as the court shall direct.
History of Section.
G.L. 1896, ch. 208, § 23; C.P.A. 1905, § 1147; G.L. 1909, ch. 259, § 23; G.L. 1923, ch. 303, § 23; G.L. 1938, ch. 486, § 19; G.L. 1956, § 18-6-2.
2023 Rhode Island General Laws › Title 18 - Fiduciaries › Chapter 18-6 - Accounting › Section 18-6-3. - Application for allowance of accounts.

§ 18-6-3. Application for allowance of accounts.
A trustee may apply to the superior court for the allowance of his or her account or accounts.
History of Section.
G.L. 1938, ch. 486, § 25; P.L. 1942, ch. 1144, § 1; G.L. 1956, § 18-6-3; R.P.L. 1957, ch. 82, § 1.