§18-8-1  Agreement for joint deposits. –


Published: 2015

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TITLE 18

Fiduciaries

CHAPTER 18-8

Joint Control by Sureties

SECTION 18-8-1



   § 18-8-1  Agreement for joint deposits.

–

It is lawful for any party, of whom a bond, undertaking, or other obligation is

required, to agree with his or her surety or sureties for the deposit of any or

all money and assets for which he or she and his or her surety or sureties are

or may be held responsible, with a bank, savings banks, safe deposit, or trust

company, authorized by law to do business, or with any other depository

approved by the court or a judge of the court, if the deposit is otherwise

proper, for safekeeping the deposit, and in a manner that prevents the

withdrawal of the money or assets or any part of them, without the written

consent of the surety or sureties, or an order of court, or a judge of the

court, made on a notice to the surety or sureties that the court or judge may

direct; provided, that the agreement shall not in any manner release from or

change the liability of the principal or sureties as established by the terms

of the bond.



History of Section.

(P.L. 1943, ch. 1347, § 1; G.L. 1956, § 18-8-1.)