Terms Used In Rhode Island General Laws > Chapter 18-11 - Simplification of Fiduciary Security Transfers

• 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
• 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}
• Claim of beneficial interest: includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his or her behalf, and includes a claim that the transfer would be in breach of fiduciary duties. 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
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• 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
• 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.
• 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.
• Legatee: A beneficiary of a decedent
• 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: 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
• Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Rhode Island General Laws 18-11-2
• Trustee: A person or institution holding and administering property in trust.