§ 18-13-4. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.
(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property.
(b) The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE
I, _______________________________________ , (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Rhode Island Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of.
Dated: _______________________________________(Signature of Custodial Trustee)
(c) Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
History of Section.P.L. 1988, ch. 623, § 1.
Structure Rhode Island General Laws
Chapter 18-13 - Rhode Island Uniform Custodial Trust Act
Section 18-13-1. - Definitions.
Section 18-13-2. - Custodial trust — General.
Section 18-13-3. - Custodial trustee for future payment or transfer.
Section 18-13-4. - Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.
Section 18-13-5. - Transfer to custodial trustee by fiduciary or obligor — Facility of payment.
Section 18-13-6. - Multiple beneficiaries — Separate custodial trusts — Survivorship.
Section 18-13-7. - General duties of custodial trustee.
Section 18-13-8. - General powers of custodial trustee.
Section 18-13-9. - Use of custodial trust property.
Section 18-13-10. - Determination of incapacity — Effect.
Section 18-13-11. - Exemption of third person from liability.
Section 18-13-12. - Liability to third person.
Section 18-13-14. - Expenses, compensation, and bond of custodial trustee.
Section 18-13-16. - Limitations of action against custodial trustee.
Section 18-13-17. - Distribution on termination.
Section 18-13-18. - Methods and forms for creating custodial trusts.
Section 18-13-19. - Applicable law.
Section 18-13-20. - Uniformity of application of construction.