Rhode Island § 19-3.1-7 § 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.

Rhode Island Statutes

§ 19-3.1-7 — § 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.

Rhode Island § 19-3.1-7

Title 19Financial institutions

Ch. 19-3.1Trust Powers

This text of Rhode Island § 19-3.1-7 (§ 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-3.1-7 (2026).

Text

§ 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.
A portion of the assets of every financial institution subject to this chapter, equal
            in value to the par value of its capital stock, shall stand pledged, and shall be
            taken and considered as the security required by law, for the faithful performance
            of the institution's duties as trustee, executor, administrator, custodian, conservator,
            guardian, assignee or receiver, except as otherwise provided, and for the deposits
            made by executors, administrators, custodians, conservators, assignees, or receivers,
            trustees, or guardians. In case of loss, any person benefici

Free access — add to your briefcase to read the full text and ask questions with AI

§ 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.

A portion of the assets of every financial institution subject to this chapter, equal in value to the par value of its capital stock, shall stand pledged, and shall be taken and considered as the security required by law, for the faithful performance of the institution's duties as trustee, executor, administrator, custodian, conservator, guardian, assignee or receiver, except as otherwise provided, and for the deposits made by executors, administrators, custodians, conservators, assignees, or receivers, trustees, or guardians. In case of loss, any person beneficially entitled to these estates, and any executor, administrator, custodian, conservator, assignee, or receiver, trustee, or guardian making the deposits shall be first indemnified in full from the amounts so pledged in preference to all other creditors.