§ 34-36.1-3.19. Association as trustee.
With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.
History of Section.P.L. 1982, ch. 329, § 2.
Structure Rhode Island General Laws
Chapter 34-36.1 - Condominium Law
Article III - Management of Condominium
Section 34-36.1-3.01. - Organization of unit owners’ association.
Section 34-36.1-3.02. - Powers of unit owners’ association.
Section 34-36.1-3.03. - Executive board members and officers.
Section 34-36.1-3.04. - Transfer of special declarant rights.
Section 34-36.1-3.05. - Termination of contracts and leases of declarant.
Section 34-36.1-3.06. - Bylaws.
Section 34-36.1-3.07. - Upkeep of condominium.
Section 34-36.1-3.08. - Meetings.
Section 34-36.1-3.09. - Quorums.
Section 34-36.1-3.10. - Voting — Proxies.
Section 34-36.1-3.11. - Tort and contract liability.
Section 34-36.1-3.12. - Conveyance or encumbrance of common elements.
Section 34-36.1-3.13. - Insurance.
Section 34-36.1-3.14. - Surplus funds.
Section 34-36.1-3.15. - Assessments for common expenses.
Section 34-36.1-3.16. - Lien for assessments.
Section 34-36.1-3.17. - Other liens affecting the condominium.
Section 34-36.1-3.18. - Association records.
Section 34-36.1-3.19. - Association as trustee.
Section 34-36.1-3.20. - Enforcement of declaration, by-laws and rules.