Rhode Island § 42-116-23 - Rhode Island Depositors Economic Protection Corporation
Full text of Rhode Island Rhode Island General Laws § 42-116-23 — Rhode Island Depositors Economic Protection Corporation, with citation guidance and answers to common questions.
§ 42-116-23. Rhode Island Depositors Economic Protection Corporation
R.I. Gen. Laws § 42-116-23
§ 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.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 42-116-23
What does Rhode Island General Laws § 42-116-23 cover?
Section 42-116-23 ("Rhode Island Depositors Economic Protection Corporation") 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 § 42-116-23?
A common citation format is "Rhode Island General Laws § 42-116-23" (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 § 42-116-23 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.