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R.I. Gen. Laws § 10-21-25

Effect of enforcement by secured party

Known as the Rhode Island Commercial Receivership Act

The act spans §§ 10–10 (39 sections).

P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.

A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not:

(1) Make the secured party a mortgagee in possession of the real property;

(2) Impose any duty on the secured party under § 6A-9-207;

(3) Make the secured party an agent of the owner;

(4) Constitute an election of remedies that precludes a later action to enforce the secured obligation;

(5) Make the secured obligation unenforceable; or

(6) Limit any right available to the secured party with respect to the secured obligation.

Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.