Rhode Island § 19-12-11 - Receivership
Full text of Rhode Island Rhode Island General Laws § 19-12-11 — Receivership, with citation guidance and answers to common questions.
§ 19-12-11. Receivership
R.I. Gen. Laws § 19-12-11
§ 19-12-11. Additional powers of receiver.
(a) In addition to powers granted to the receiver pursuant to this chapter or any other law, a receiver appointed under this chapter shall have the power to reject any executory contract or unexpired lease of the financial institution or credit union.
(b) After notice and hearing, the receiver may abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
(c) On request of a party in interest, and after notice and a hearing, the court may order the receiver to abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
(d) Unless the court orders otherwise, any property scheduled pursuant to § 19-12-4 not otherwise administered at the time of the closing of the receivership proceeding is abandoned to the financial institution or credit union, subject to the receivership proceeding being reopened by the court to administer assets, to accord relief to the financial institution or credit union or for other cause.
(e) Unless the court orders otherwise, property of the receivership estate that is not abandoned under this section and that is not administered in the receivership proceeding remains property of the receivership estate.
History of Section.
P.L. 1995, ch. 82, § 50.
Frequently Asked Questions About Rhode Island § 19-12-11
What does Rhode Island General Laws § 19-12-11 cover?
Section 19-12-11 ("Receivership") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 19-12-11?
A common citation format is "Rhode Island General Laws § 19-12-11" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-12-11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.