Rhode Island General Laws 34-27-2. Right of mortgagee to bid at sale
At any sale by public auction made under and according to the provisions of any mortgage of real estate, or of any power of sale contained therein or annexed thereto, the mortgagee in the deed of mortgage or other conveyance, or pledgee, his, her, or their assigns, or his, her, or their heirs, executors or administrators, or any person for him, her, or them, may fairly and in good faith bid for and purchase the estate or property so put up for sale, or any part thereof, in the same manner as it may be bid for and purchased by any other person.
History of Section.
G.L. 1896, ch. 207, § 16; P.L. 1896, ch. 327, § 1; G.L. 1909, ch. 258, § 16; G.L. 1923, ch. 302, § 16; G.L. 1938, ch. 442, § 16; G.L. 1956, § 34-27-2; P.L. 1960, ch. 147, § 3.
Terms Used In Rhode Island General Laws 34-27-2
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10