§ 10-18-8 — § 10-18-8. Filing of the accepted plan with the secretary of state and its effect.

Rhode Island § 10-18-8

• Jurisdiction: Rhode Island
• Title 10: Courts and civil procedure–Procedure in particular actions
• Ch. 10-18: Wage Earner Receivership

Text

§ 10-18-8. Filing of the accepted plan with the secretary of state and its effect.

(a) After the plan submitted by the receiver is approved by the court, it shall be filed by the clerk of the court with the secretary of state within twenty-one (21) days from the time of the original filing of the petition with the court. The filing shall have the following effect:

(1) Except as stated in § 10-18-11(b), all subsequent creditors shall be excluded from the plan.

(2) All prior creditors who have not been included in the plan shall be excluded from the plan unless the creditor, the receiver or the debtor makes application to the court within ten (10) days after the filing of the plan with the secretary of state.

(b) All unsecured creditors excluded from the plan by force of subsections (a)(1) and (a)(2) of this section must wait until the dismissal of these proceedings before collecting upon their claims. Secured creditors' rights are determined by §§ 10-18-10 and 10-18-11(c).

Legislative History

P.L. 1972, ch. 186, § 1.