Rhode Island General Laws 33-27.1-15. Fiduciary duty and authority
(a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:
(1) The duty of care;
(2) The duty of loyalty; and
(3) The duty of confidentiality.
Terms Used In Rhode Island General Laws 33-27.1-15
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- 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.
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Personal property: All property that is not real property.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(b) A fiduciary’s or designated recipient’s authority with respect to a digital asset of a user:
(1) Except as otherwise provided in § 33-27.1-4, is subject to the applicable terms of service;
(2) Is subject to other applicable law, including copyright law;
(3) In the case of a fiduciary, is limited by the scope of the fiduciary’s duties; and
(4) May not be used to impersonate the user.
(c) A fiduciary with authority over the property of a decedent, protected person, principal, or settlor has the right to access any digital asset in which the decedent, protected person, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.
(d) A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, protected person, principal, or settlor for the purpose of applicable computer fraud and unauthorized computer access laws, including chapter 52 of Title 11.
(e) A fiduciary with authority over the tangible, personal property of a decedent, protected person, principal, or settlor:
(1) Has the right to access the property and any digital asset stored in it; and
(2) Is an authorized user for the purpose of computer fraud and unauthorized computer access laws, including chapter 52 of Title 11.
(f) A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.
(g) A fiduciary of a user may request a custodian to terminate the user’s account. A request for termination must be in writing, in either physical or electronic form, and accompanied by:
(1) If the user is deceased, a certified copy of the death certificate of the user;
(2) A certified copy of the letter of appointment of the representative or a small estate affidavit, court order, power of attorney, or trust giving the fiduciary authority over the account;
(3) A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user’s account;
(4) Evidence linking the account to the user; and
(5) If the user is a decedent or protected person:
(i) A finding by the court that termination of the account is reasonably necessary for the administration of the estate of a decedent or the performance of the duties of the conservator or guardian; and
(ii) If requested by the custodian, a finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subsection (g)(3) of this section.
(h) This chapter does not affect any right or remedy of a protected person, a principal, a beneficiary or an estate against a guardian or conservator, an agent, a trustee, or a personal representative, respectively, for any violation of this chapter by such fiduciary.
History of Section.
P.L. 2019, ch. 200, § 2; P.L. 2019, ch. 262, § 2.