§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.
(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
(b) Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial account.
(c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to §§ 18-13-7 and 18-13-15 for the administration of 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.