§ 34-4-9 — § 34-4-9. Management of proceeds of sale — Supervision by court.

Rhode Island § 34-4-9

• Jurisdiction: Rhode Island
• Title 34: Property
• Ch. 34-4: Estates in Real Property

Text

§ 34-4-9. Management of proceeds of sale — Supervision by court.

The trustee or trustees appointed under § 34-4-7 shall give bond in such form and for such an amount as the court may order, shall receive, hold, and invest the proceeds of any sale, and shall pay, apply, and distribute the proceeds, and any income therefrom, to or for the benefit of the persons who would have been entitled to the real estate and the income therefrom if the sale had not been made, and shall have full power in his, her, or their discretion, or, if a corporation, in the discretion of its officer or committee duly authorized, from time to time to invest, reinvest, and change the investment of the proceeds; and the court shall have jurisdiction of all matters thereafter arising in relation to the trust, including the removal of a trustee and the appointment of another in his or her stead, or filling a vacancy in the trusteeship whenever the occasion requires.

Legislative History

G.L. 1896, ch. 201, § 20; G.L. 1909, ch. 252, § 20; G.L. 1923, ch. 296, § 20; G.L. 1938, ch. 433, § 9; P.L. 1947, ch. 1953, § 1; G.L. 1956, § 34-4-9.