Rhode Island General Laws 42-116-23. Certain agreements
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.
History of Section.
P.L. 1991, ch. 3, § 4.
Terms Used In Rhode Island General Laws 42-116-23
- Board: means the board of directors of the corporation. See Rhode Island General Laws 42-116-3
- Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Eligible institution: means : (i) any credit union, loan and investment company, bank and trust company or other depository institution; (A) the accounts of which were insured by the Rhode Island share and deposit indemnity corporation as of December 30, 1990, and (B) for which a conservator or receiver had been appointed subsequent to January 1, 1991; and (ii) any conservator or appointed receiver; and (iii) the Rhode Island share and deposit indemnity corporation; and (iv) Heritage Loan and Investment Company. See Rhode Island General Laws 42-116-3
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Person: means any natural or corporate person, including bodies politic and corporate, public departments, offices, agencies, authorities and political subdivisions of the state, corporations, societies, associations and partnerships, and subordinate instrumentalities of any one or more political subdivisions of the state. See Rhode Island General Laws 42-116-3