Rhode Island General Laws 10-21-25. Effect of enforcement by secured party
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.
History of Section.
P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.
Terms Used In Rhode Island General Laws 10-21-25
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: means the person for whose property a receiver is appointed. See Rhode Island General Laws 10-21-2
- Proceeds: means the following property:
(i) Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property;
(ii) Whatever is collected on, or distributed on account of, receivership property;
(iii) Rights arising out of receivership property;
(iv) To the extent of the value of receivership property, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the property; or
(v) To the extent of the value of receivership property and to the extent payable to the owner or secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to the property. See Rhode Island General Laws 10-21-2
- Property: means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Rhode Island General Laws 10-21-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Rhode Island General Laws 10-21-2
- Receivership: means a proceeding in which a receiver is appointed. See Rhode Island General Laws 10-21-2
- Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See Rhode Island General Laws 10-21-2
- Secured party: means a person entitled to enforce a secured obligation. See Rhode Island General Laws 10-21-2