R.I. Gen. Laws § 44-53-6 — Surrender of property

(a) Any person in possession of, or obligated with respect to, property or rights to property
subject to levy upon which a levy has been made shall, upon demand of the tax administrator,
surrender the property or rights, or discharge the obligation, to the tax administrator,
except that part of the property or rights as is, at the time of the demand, subject
to an attachment or execution under any judicial process.
(b) Any person who fails or refuses to surrender any property or rights to property, subject
to levy, upon demand by the tax administrator, shall be liable in their own person
and estate to the state in a sum equal to the value of the property or rights not
so surrendered, but not exceeding the amount of taxes for the collection of which
the levy has been made, together with costs and interests on the sum at the rate prescribed
in § 44-1-7 from the date of the levy. Any amount, other than costs, recovered under this subsection
shall be credited against the tax liability for the collection of which the levy was
made.
(c) In addition to the personal liability imposed by subsection (b) of this section, if
any person required to surrender property or rights to property fails or refuses to
surrender the property or rights to property without a reasonable cause, the person
shall be liable for penalty equal to fifty percent (50%) of the amount recoverable
under subsection (b) of this section. No part of the penalty shall be credited against
the tax liability for the collection of which the levy was made.
(d) Any financial institution chartered under state or federal law, including, but not
limited to, trust companies, savings banks, savings and loan associations, national
banks and credit unions, shall surrender any deposits, including any interest in the
financial institution that would otherwise be required to be surrendered under this
subsection only after twenty-one (21) days after service of levy.
(e) Any person in possession of, or obligated with respect to property or rights to property
subject to levy upon which a levy has been made, who, upon demand by the tax administrator,
surrenders the property or rights to property or discharges the obligation, to the
tax administrator, or who pays a liability under subsection (b) of this section shall
be discharged from any obligation or liability to the delinquent taxpayer with respect
to the property or rights to property arising from the surrender or payment. In the
case of a levy which is satisfied, the person shall also be discharged from any obligation
or liability to any beneficiary arising from the surrender payment.