Rhode Island General Laws 18-11-3. Registration in the name of a fiduciary
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A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter, the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as a fiduciary with respect to that particular security.
History of Section.
P.L. 1959, ch. 85, § 3.
Terms Used In Rhode Island General Laws 18-11-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a private or public corporation, association, or trust issuing a security. See Rhode Island General Laws 18-11-2
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee. See Rhode Island General Laws 18-11-2
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 18-11-2
- Security: includes any share of stock, bond, debenture, note, or other security issued by a corporation that is registered as to ownership on the books of the corporation. See Rhode Island General Laws 18-11-2
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See Rhode Island General Laws 18-11-2
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Rhode Island General Laws 18-11-2