§ 33-21.1-12 Property held by agents andfiduciaries. – (a) Intangible property and any income or increment derived from the intangibleproperty held in a fiduciary capacity for the benefit of another person ispresumed abandoned unless the owner, within three (3) years after it has becomepayable or distributable, has increased or decreased the principal, acceptedpayment of principal or income, communicated concerning the property, orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by the fiduciary. In applying the preceding sentence to familyeducation accounts, as defined in § 44-30-25, twenty (20) years shall besubstituted for five (5) years.
(b) Funds in an individual retirement account or a retirementplan for self employed individuals or similar account or plan establishedpursuant to the internal revenue laws of the United States are not payable ordistributable within the meaning of subsection (a) unless, under the terms ofthe account or plan, distribution of all or part of the funds would then bemandatory.
(c) For the purposes of this section, a person who holdsproperty as an agent for a business association is deemed to hold the propertyin a fiduciary capacity for that business association alone, unless theagreement between him or her and the business association provides otherwise.
(d) For the purposes of this chapter, a person who is deemedto hold property in a fiduciary capacity for a business association alone isthe holder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
§ 33-21.1-12 Property held by agents andfiduciaries. – (a) Intangible property and any income or increment derived from the intangibleproperty held in a fiduciary capacity for the benefit of another person ispresumed abandoned unless the owner, within three (3) years after it has becomepayable or distributable, has increased or decreased the principal, acceptedpayment of principal or income, communicated concerning the property, orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by the fiduciary. In applying the preceding sentence to familyeducation accounts, as defined in § 44-30-25, twenty (20) years shall besubstituted for five (5) years.
(b) Funds in an individual retirement account or a retirementplan for self employed individuals or similar account or plan establishedpursuant to the internal revenue laws of the United States are not payable ordistributable within the meaning of subsection (a) unless, under the terms ofthe account or plan, distribution of all or part of the funds would then bemandatory.
(c) For the purposes of this section, a person who holdsproperty as an agent for a business association is deemed to hold the propertyin a fiduciary capacity for that business association alone, unless theagreement between him or her and the business association provides otherwise.
(d) For the purposes of this chapter, a person who is deemedto hold property in a fiduciary capacity for a business association alone isthe holder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
§ 33-21.1-12 Property held by agents andfiduciaries. – (a) Intangible property and any income or increment derived from the intangibleproperty held in a fiduciary capacity for the benefit of another person ispresumed abandoned unless the owner, within three (3) years after it has becomepayable or distributable, has increased or decreased the principal, acceptedpayment of principal or income, communicated concerning the property, orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by the fiduciary. In applying the preceding sentence to familyeducation accounts, as defined in § 44-30-25, twenty (20) years shall besubstituted for five (5) years.
(b) Funds in an individual retirement account or a retirementplan for self employed individuals or similar account or plan establishedpursuant to the internal revenue laws of the United States are not payable ordistributable within the meaning of subsection (a) unless, under the terms ofthe account or plan, distribution of all or part of the funds would then bemandatory.
(c) For the purposes of this section, a person who holdsproperty as an agent for a business association is deemed to hold the propertyin a fiduciary capacity for that business association alone, unless theagreement between him or her and the business association provides otherwise.
(d) For the purposes of this chapter, a person who is deemedto hold property in a fiduciary capacity for a business association alone isthe holder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
