(a)  In § 18-4-16 — § 18-4-21, unless the context or subject matter otherwise requires:

(1)  “Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking.

(2)  “Fiduciary” includes a trustee under any trust, expressed, implied, resulting, or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.

(3)  “Person” includes a corporation, partnership, or other association, or two (2) or more persons having a joint or common interest.

(4)  “Principal” includes any person to whom a fiduciary owes an obligation.

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Terms Used In Rhode Island General Laws 18-4-15

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Trustee: A person or institution holding and administering property in trust.

(b)  A thing is done “in good faith”, within the meaning of § 18-4-16 — § 18-4-21, when it is in fact done honestly, whether it is done negligently or not.

History of Section.
P.L. 1960, ch. 147, § 3.