Rhode Island General Laws 34-5-1. Definitions
The following words as used in this chapter shall have these meanings:
(1) “Beneficiary” means any person to whom, and any estate, trust, corporation, or other legal entity to which, an interest in property would pass in any manner described in § 34-5-2, except for the execution and filing of a disclaimer in accordance with the provisions of this chapter.
(2) An “interest in property” which may be disclaimed shall include:
(i) Any legal or equitable interest or estate, whether present, future, or contingent, in any real or personal property, or in any fractional part, share, or portion thereof, or in any dollar amount thereof, or in any specific asset or assets thereof;
(ii) Any fractional part, share or portion of any interest described in subdivision (i), or remainder or life estate or other lesser estate therein.
History of Section.
P.L. 1980, ch. 392, § 2.
Terms Used In Rhode Island General Laws 34-5-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Personal property: All property that is not real property.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.