Rhode Island General Laws 30-19-4. Power to receive proceeds of guaranteed loan
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The funds loaned on any housing loan guaranteed, in part or in full, under the provisions of federal law may be paid over by the lender to the minor receiving that loan or at the direction of the minor and no person or corporation making payment of those funds shall be responsible for the proper application thereof, and prior to the application of those funds to any purchase or other purpose of that loan, any guardian of the minor shall not have, or be entitled to, the title, possession, or management of those funds and shall not inventory or account for them as part of the estate of the minor.
History of Section.
P.L. 1945, ch. 1583, § 2; G.L. 1956, § 30-19-4.
Terms Used In Rhode Island General Laws 30-19-4
- 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.
- 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.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6