§ 34-4-30. Conveyance to or by nominee trust.
(a) Notwithstanding the provisions of § 34-4-27, title to real estate conveyed to a nominee trust or to the trustee of a nominee trust and conveyances of real estate by a trustee of a nominee trust are not on that account defective, and the conveyance shall be deemed valid so long as the following shall have occurred:
(1) A memorandum of trust pursuant to § 34-4-27 shall have been properly prepared and recorded; and
(2) The trustee of the nominee trust shall include in the memorandum of trust a statement to the effect that the trustee has received the consent of each of the beneficiaries authorizing the action of the trustee as required by the nominee trust.
(b) A trustee executing a memorandum of trust and representing that they have obtained the consent of the beneficiaries shall be subject to personal liability to each of the beneficiaries as well as the grantees and the grantees’ successors and/or assigns under the instrument purported to be executed with the consent of the beneficiaries, in the event such consent was not obtained.
(c) A nominee trust is defined as a trust in which the trustee(s) is/are not granted discretionary authority to act without the consent, concurrence, or direction of the beneficiaries.
History of Section.P.L. 2016, ch. 58, § 1; P.L. 2016, ch. 59, § 1.
Structure Rhode Island General Laws
Chapter 34-4 - Estates in Real Property
Section 34-4-1. - Presumed death from absence of life tenant.
Section 34-4-2. - Grant for life with remainder to heirs in fee.
Section 34-4-2.1. - Reservation of life estate with enhanced powers.
Section 34-4-3. - Purported grant of estate greater than owned by grantor.
Section 34-4-4. - Expectant estates not dependent on precedent estates.
Section 34-4-5. - Bar of estates tail preserved — Defeat of expectancies provided for by grantor.
Section 34-4-6. - Trustee of timber land subject to life estate.
Section 34-4-9. - Management of proceeds of sale — Supervision by court.
Section 34-4-10. - Construction of amendment to § 34-4-9.
Section 34-4-11. - Conveyance of contingent, executory, and future interests.
Section 34-4-12. - Rights against lessee in remainderman taking precedent estate by merger.
Section 34-4-13. - Rights of entry not defeated by descent or discontinuance.
Section 34-4-14. - Liability of lands for debts of tenant in tail.
Section 34-4-15. - Conveyance of fee simple by tenant in tail.
Section 34-4-16. - Conveyance by life tenant and remainderman in tail.
Section 34-4-17. - Barring of equitable estates tail.
Section 34-4-18. - Right of grantee of equitable estate tail to conveyance of legal interest.
Section 34-4-19. - Limitation of possibilities of reverter and rights of entry.
Section 34-4-20. - Possibilities of reverter and rights of entry exempt from limitation.
Section 34-4-21. - Limitation of restrictive covenants.
Section 34-4-22. - Expiration of recorded options affecting real estate.
Section 34-4-23. - Expiration of recorded instruments affecting real estate.
Section 34-4-25. - Invalidity of certain restrictive covenants.
Section 34-4-26. - Expiration of recorded rights affecting real estate.
Section 34-4-27. - Title to real estate — Trusts.
Section 34-4-28. - Title to real estate — Trusts — Conveyance to named trust.