Rhode Island § 19-9-13 § 19-9-13. Checks of trustees.

Rhode Island Statutes

§ 19-9-13 — § 19-9-13. Checks of trustees.

Rhode Island·Title 19 Financial institutions·Ch. 19-9 Community Obligations and Banking Offenses

§ 19-9-13. Checks of trustees.
When a deposit is made in a regulated institution in the name of two (2) or more persons
            as trustees, and a check is drawn upon the trust account by any trustee or trustees
            authorized by the other trustee or trustees to draw checks upon the trust account,
            neither the payee, nor the other holder, nor the bank is bound to inquire whether
            it is a breach of trust to authorize the trustee or trustees to draw checks upon the
            trust account, and the payee, or other holder, or the regulated institution is not
            liable unless the action of the payee or other holder or the regulated institution
            amounts to bad faith.
   

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§ 19-9-13. Checks of trustees.

When a deposit is made in a regulated institution in the name of two (2) or more persons as trustees, and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee, nor the other holder, nor the bank is bound to inquire whether it is a breach of trust to authorize the trustee or trustees to draw checks upon the trust account, and the payee, or other holder, or the regulated institution is not liable unless the action of the payee or other holder or the regulated institution amounts to bad faith.

Rhode Island § 19-9-13 (§ 19-9-13. Checks of trustees.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.