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Rhode Island Commercial Receivership Act

Rhode Island · Courts and Civil Procedure — Procedure in Particular Actions · §§ 10-21-1 to 10-21-9 · 39 sections

Overview

This act supplies a general framework for court-appointed receiverships over a person's property or business, covering which matters fall within its scope, when and how a court may appoint a receiver, who is disqualified from serving, what interests a candidate must disclose, and the bond or alternative security required before serving. It sets out the receiver's powers, duties, defenses, and immunities — collecting and compelling turnover of receivership property, using or transferring that property inside or outside the ordinary course of business, dealing with executory contracts, and engaging professionals — alongside corresponding duties owed by the owner, a stay of other actions during the proceeding, and rules fixing the receiver's status as a lien creditor and the treatment of secured parties' interests. It also lays out the procedure of the case itself: notice and opportunity for hearing, notice of the appointment, a claims and distribution process for creditors, fees and expenses, interim and final reports, removal or replacement of the receiver, discharge and termination, and ancillary proceedings recognizing receiverships pending elsewhere.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Enacted in other states

Maryland, North Carolina

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