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R.I. Gen. Laws § 42-116-23

Certain agreements

Known as the Rhode Island Depositors Economic Protection Act

The act spans §§ 42-116-1 to 42-116-9 (45 sections).

P.L. 1991, ch. 3, § 4.

No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the eligible institution;

(3) Was approved by the board of directors of the eligible institution or its loan committee; which approval is reflected in the minutes of the board or committee; and

(4) Has been, continuously, from the time of its execution, an official record of the eligible institution.

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.