Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Borrowing may be authorized for any one or more of the following purposes:
(1) To pay assessments upon the trust property for betterments;
(2) To pay for any repairs and improvements on the property that may be or become necessary or desirable by reason of the betterments, or by reason of the taking of any part or parts of the property by right of eminent domain;
(3) To pay for the erection, alteration, completion, or establishment of or additions to any building, buildings, or other improvements on the property;
(4) To discharge or reduce any existing obligations or encumbrances binding upon the trust property; or
(5) To pay for any charge or expense for any other purpose whatsoever which the court may approve as necessary or desirable for the protection or benefit of the trust property.
(b) Each borrowing may be authorized in an amount and on those terms and conditions and with any directions and instructions to the trustee or trustees that the court deems proper.
Cite this article: FindLaw.com - Rhode Island General Laws Title 18. Fiduciaries § 18-4-11. Purposes for which borrowing authorized - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-18-fiduciaries/ri-gen-laws-sect-18-4-11/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)