Rhode Island § 42-116-40 - Rhode Island Depositors Economic Protection Corporation
Full text of Rhode Island Rhode Island General Laws § 42-116-40 — Rhode Island Depositors Economic Protection Corporation, with citation guidance and answers to common questions.
§ 42-116-40. Rhode Island Depositors Economic Protection Corporation
R.I. Gen. Laws § 42-116-40
§ 42-116-40. Court-approved settlements.
(a) Notwithstanding any provisions of law to the contrary, a person, corporation, or other entity who has resolved its liability to the Rhode Island depositors economic protection corporation, the receiver of Rhode Island share and deposit indemnity corporation or the receiver of any state-chartered financial institution in a judicially-approved good faith settlement is not liable for claims for contribution or equitable indemnity regarding matters addressed in the settlement. The settlement does not discharge any other joint tortfeasors unless its terms provide, but it reduces the potential liability of the joint tortfeasors by the amount of the settlement.
(b) The provisions of this section apply solely and exclusively to settlements of liabilities to the Rhode Island depositors economic protection corporation, the receiver of the Rhode Island share and deposit indemnity corporation and the receiver of any other state-chartered financial institution and shall not be construed to amend or repeal the provisions of chapter 6 of title 10 relating to contributions among joint tortfeasors, other than as specifically provided in this section.
History of Section.
P.L. 1993, ch. 85, § 1; P.L. 2006, ch. 216, § 53.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 42-116-40
What does Rhode Island General Laws § 42-116-40 cover?
Section 42-116-40 ("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 § 42-116-40?
A common citation format is "Rhode Island General Laws § 42-116-40" (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 § 42-116-40 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.