(a)  The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.

Terms Used In Rhode Island General Laws 18-11-9

  • Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. See Rhode Island General Laws 18-11-2
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means a private or public corporation, association, or trust issuing a security. See Rhode Island General Laws 18-11-2
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee. See Rhode Island General Laws 18-11-2
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 18-11-2
  • Security: includes any share of stock, bond, debenture, note, or other security issued by a corporation that is registered as to ownership on the books of the corporation. See Rhode Island General Laws 18-11-2
  • Transfer: means a change on the books of a corporation in the registered ownership of a security. See Rhode Island General Laws 18-11-2

(b)  This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with this transaction.

History of Section.
P.L. 1959, ch. 85, § 9.