Financial Institutions

Community Obligations and Banking Offenses

SECTION 19-9-12

§ 19-9-12. Trust deposits – Death of trustee.

If a deposit is made with any regulated institution by one person in trust for another, the name and residence of the person for whom it is made shall be disclosed, and it shall be credited to the depositor as trustee for that person. If no other motive of the existence and terms of a trust has been given in writing to the regulated institution, the deposit, with the interest thereon, may, in case of the death of the trustee, be paid to the person for whom the deposit was made or to that person's legal representative.

History of Section.
(P.L. 1995, ch. 82, § 47.)