§ 10-21-25 — § 10-21-25. Effect of enforcement by secured party.

Rhode Island § 10-21-25

• Jurisdiction: Rhode Island
• Title 10: Courts and civil procedure–Procedure in particular actions
• Ch. 10-21: Rhode Island Commercial Receivership Act

Text

§ 10-21-25. Effect of enforcement by secured party.

A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not:

(1) Make the secured party a mortgagee in possession of the real property;

(2) Impose any duty on the secured party under § 6A-9-207;

(3) Make the secured party an agent of the owner;

(4) Constitute an election of remedies that precludes a later action to enforce the secured obligation;

(5) Make the secured obligation unenforceable; or

(6) Limit any right available to the secured party with respect to the secured obligation.

Legislative History

P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.