45-1-127 - Fiduciary responsibilities or liabilities of financial institutions, officers or employees.
45-1-127. Fiduciary responsibilities or liabilities of financial institutions, officers or employees.
(a) No financial institution or officer or employee thereof shall be deemed or implied to be acting as fiduciary or have a fiduciary obligation or responsibility to its customers or to other parties, other than shareholders of the institution, unless there is a written agency or trust agreement under which the financial institution specifically agrees to act and perform in the capacity of a fiduciary. The fiduciary responsibility and liability of a financial institution or any officer or employee of a financial institution shall be limited solely to performance under the contract and shall not extend beyond the scope of the contract. Any claim for a breach of a fiduciary responsibility of a financial institution or any officer or employee thereof may only be asserted within the time provided in § 48-18-601.
(b) For purposes of this section, financial institution means a state or national bank, a savings and loan association, savings bank, industrial loan and thrift company, or mortgage lender.
(c) (1) It is the legislative intent that this section is not intended to restrict, alter, or modify a court's application of the equitable doctrines of resulting or constructive trusts.
(2) It is the further legislative intent that this section shall be applied only to transactions or relationships that are entered into after May 10, 1994; provided, that any transaction or relationship that may have existed prior to May 10, 1994, may be ratified, altered, or amended by meeting the requirements of this section.
[Acts 1994, ch. 955, § 1.]