Terms Used In Rhode Island General Laws 18-13-4

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this chapter. See Rhode Island General Laws 18-13-1
• Court: means the probate courts of this state. See Rhode Island General Laws 18-13-1
• Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Rhode Island General Laws 18-13-1
• Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the designated person. See Rhode Island General Laws 18-13-1
• Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. See Rhode Island General Laws 18-13-1
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Rhode Island General Laws 18-13-1
• Trustee: A person or institution holding and administering property in trust.

CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE

I, _______________________________________ , (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Rhode Island Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ___________

Dated: _______________________________________
(Signature of Custodial Trustee)

History of Section.
P.L. 1988, ch. 623, § 1.