Rhode Island § 18-13-5 § 18-13-5. Transfer to custodial trustee by fiduciary or obligor — Facility of payment.

Rhode Island Statutes

§ 18-13-5 — § 18-13-5. Transfer to custodial trustee by fiduciary or obligor — Facility of payment.

Rhode Island·Title 18 Fiduciaries·Ch. 18-13 Rhode Island Uniform Custodial Trust Act

§ 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 

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§ 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.

Rhode Island § 18-13-5 (§ 18-13-5. Transfer to custodial trustee by fiduciary or obligor — Facility of payment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.