(a)  A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may only exercise those rights and powers in a fiduciary capacity.

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Terms Used In Rhode Island General Laws 18-13-8

  • Adult: means an individual who is at least eighteen (18) years of age. See Rhode Island General Laws 18-13-1
  • Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Rhode Island General Laws 18-13-1
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the designated person. See Rhode Island General Laws 18-13-1
  • Fiduciary: A trustee, executor, or administrator.
  • Trustee: A person or institution holding and administering property in trust.

(b)  This section does not relieve a custodial trustee from liability for a violation of § 18-13-7.

History of Section.
P.L. 1988, ch. 623, § 1.