Rhode Island § 16-32-15 § 16-32-15. Assumption of defaulted obligations — Lien on property.

Rhode Island Statutes

§ 16-32-15 — § 16-32-15. Assumption of defaulted obligations — Lien on property.

Rhode Island·Title 16 Education·Ch. 16-32 University of Rhode Island [See Title 16 Chapter 97 â€” The Rhode Island Board of Education Act]

§ 16-32-15. Assumption of defaulted obligations — Lien on property.
Whenever default is made on the part of a society in the payment of loans guaranteed
            under the provisions of § 16-32-12, or any part of them, the board of trustees is authorized to assume the obligation
            and to make required payments on principal and interest from any of the appropriations
            available for the university of Rhode Island. In the event of a default, in cases
            where that board assumes the obligation of a society, the state shall have a lien
            subject to any mortgages or encumbrances existing at the time on any and all property
            of the society. The lien may be released after th

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§ 16-32-15. Assumption of defaulted obligations — Lien on property.

Whenever default is made on the part of a society in the payment of loans guaranteed under the provisions of § 16-32-12, or any part of them, the board of trustees is authorized to assume the obligation and to make required payments on principal and interest from any of the appropriations available for the university of Rhode Island. In the event of a default, in cases where that board assumes the obligation of a society, the state shall have a lien subject to any mortgages or encumbrances existing at the time on any and all property of the society. The lien may be released after the reimbursement to the state of all payments made on behalf of the society, plus accrued interest.

Rhode Island § 16-32-15 (§ 16-32-15. Assumption of defaulted obligations — Lien on property.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

P.L. 1922, ch. 2190, § 3; G.L. 1923, ch. 83, § 10; P.L. 1936, ch. 2295, § 1; G.L. 1938, ch. 188, § 12; impl. am. P.L. 1939, ch. 688, § 3; P.L. 1951, ch. 2686, § 3; G.L. 1956, § 16-32-15; P.L. 2019, ch. 88, art. 9, § 3.