Rhode Island § 42-34-8 - Industrial-Recreational Building Authority
Full text of Rhode Island Rhode Island General Laws § 42-34-8 — Industrial-Recreational Building Authority, with citation guidance and answers to common questions.
§ 42-34-8. Industrial-Recreational Building Authority
R.I. Gen. Laws § 42-34-8
§ 42-34-8. Permission to lease or rent property after default.
When a local development corporation or project owner does not meet mortgage payments insured by the authority by reason of vacancy of its industrial and/or recreational project, the authority, for the purpose of maintaining income from industrial and/or recreational projects on which mortgage payments have been insured by the authority and for the purpose of safeguarding the mortgage insurance fund, may grant the local development corporation or project owner permission to lease or rent the property to a tenant for a use other than that specified in § 42-34-6(4), such lease or rental to be subject to such conditions as the authority may prescribe. The foregoing provisions shall be in addition to any other provisions contained in this chapter empowering the authority to act in the event of a default.
History of Section.
P.L. 1958, ch. 91, § 9; P.L. 1975, ch. 170, § 7; P.L. 1977, ch. 78, § 7; P.L. 1986,
ch. 245, § 2; P.L. 1987, ch. 537, § 3.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 42-34-8
What does Rhode Island General Laws § 42-34-8 cover?
Section 42-34-8 ("Industrial-Recreational Building Authority") 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 § 42-34-8?
A common citation format is "Rhode Island General Laws § 42-34-8" (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 § 42-34-8 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.