2016 -- S 3050

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LC006045

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE - COLLECTION AND

MANAGEMENT OF DECEDENT'S ESTATES

     Introduced By: Senators McCaffrey, Lombardi, and Jabour

     Date Introduced: May 26, 2016

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 33-9-18 of the General Laws in Chapter 33-9 entitled "Collection

and Management of Decedents' Estates" is hereby amended to read as follows:

     33-9-18. Authority to lend, invest, vote, and protect investments. -- (a) The superior

probate court may, upon complaint petition filed by an executor or administrator, authorize the

executor or administrator to invest money belonging to the estate in such safe investments as it

may approve, and may likewise authorize or direct the executor or administrator to vote the stock

or shares belonging to the estate in any corporation, association, or joint stock company in such

manner and for such purposes as the court may deem advisable; and if it shall in the court's

opinion be in the interest of the estate so to do, the court may authorize the executor or

administrator:

      (1) To lend money belonging to the estate to any corporation, association, or joint stock

company, in the stock, shares, or obligations of which any portion of the estate may be invested,

or in which the estate may be otherwise interested;

      (2) To invest money belonging to the estate in the stock, shares, or other obligations of

any such corporation, association, or joint stock company;

      (3) To endorse or guarantee the obligations of the corporation, association, or joint stock

company.

      (b) In granting the authority, the court may impose such conditions or restrictions and

give such directions as it may deem advisable.

      (c) The superior probate court may, upon any complaint petition, approve any

investment, loan, endorsement, guaranty, or vote previously made or given by an executor or

administrator which the court might have authorized, and the approval shall have the same effect

as a prior order or decree authorizing the investment, loan, endorsement, guaranty, or vote. Any

endorsement or guaranty shall be binding upon the estate, and shall not be binding upon the

executor or administrator personally.

      (d) The powers herein conferred upon the superior probate court may be exercised in

cases where the court deems it necessary for the protection or preservation of the estate or to

prevent irreparable damage or loss to the estate, notwithstanding any provisions or directions

contained in a will authorizing or restricting the powers of an executor or administrator with the

will annexed to invest or lend money of the estate, to endorse or guarantee obligations, or to vote

the stock or shares belonging to the estate in any corporation, association, or joint stock company;

provided, however, that the court shall exercise these powers with extreme caution and shall not

exercise these powers in cases where the testator has in the will expressly declared or requested

that the powers shall not be exercised by the court.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE - COLLECTION AND

MANAGEMENT OF DECEDENT'S ESTATES

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     This act would transfer jurisdiction over estate investments from the superior court to the

probate court.

     This act would take effect upon passage.

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