§ 19-9-13 - Checks of trustees. - Rhode-island Statutes

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Statutes > Rhode-island > Title-19 > Chapter-19-9 > 19-9-13

SECTION 19-9-13

§ 19-9-13 Checks of trustees. – When a deposit is made in a regulated institution in the name of two (2) ormore persons as trustees, and a check is drawn upon the trust account by anytrustee or trustees authorized by the other trustee or trustees to draw checksupon the trust account, neither the payee nor the other holder nor the bank isbound to inquire whether it is a breach of trust to authorize the trustee ortrustees to draw checks upon the trust account, and the payee or other holderor the regulated institution is not liable unless the action of the payee orother holder or the regulated institution amounts to bad faith.

State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-9 > 19-9-13

SECTION 19-9-13

§ 19-9-13 Checks of trustees. – When a deposit is made in a regulated institution in the name of two (2) ormore persons as trustees, and a check is drawn upon the trust account by anytrustee or trustees authorized by the other trustee or trustees to draw checksupon the trust account, neither the payee nor the other holder nor the bank isbound to inquire whether it is a breach of trust to authorize the trustee ortrustees to draw checks upon the trust account, and the payee or other holderor the regulated institution is not liable unless the action of the payee orother holder or the regulated institution amounts to bad faith.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-9 > 19-9-13

SECTION 19-9-13

§ 19-9-13 Checks of trustees. – When a deposit is made in a regulated institution in the name of two (2) ormore persons as trustees, and a check is drawn upon the trust account by anytrustee or trustees authorized by the other trustee or trustees to draw checksupon the trust account, neither the payee nor the other holder nor the bank isbound to inquire whether it is a breach of trust to authorize the trustee ortrustees to draw checks upon the trust account, and the payee or other holderor the regulated institution is not liable unless the action of the payee orother holder or the regulated institution amounts to bad faith.