§ 18-9.2-3. No retained interest of transferor.
A qualified disposition shall be subject to § 18-9.2-4 of this chapter notwithstanding a transferor’s retention of any or all of the powers and rights described in subdivision 18-9.2-2(10)(ii) and the transferor’s service as investment advisor pursuant to subdivision 18-9.2-2(9)(iv). The transferor shall have only such powers and rights as are conferred by the trust instrument. Except as permitted by subdivisions 18-9.2-2(9)(iv) and 18-9.2-2(10)(ii), a transferor shall have no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.
History of Section.P.L. 1999, ch. 402, § 1; P.L. 2007, ch. 302, § 1; P.L. 2007, ch. 478, § 1.
Structure Rhode Island General Laws
Chapter 18-9.2 - Qualified Dispositions in Trust
Section 18-9.2-1. - Short title.
Section 18-9.2-2. - Definitions.
Section 18-9.2-3. - No retained interest of transferor.
Section 18-9.2-4. - Avoidance of qualified dispositions.
Section 18-9.2-5. - Persons not subject to qualified dispositions.
Section 18-9.2-6. - Effect of avoidance of qualified dispositions.