Rhode Island § 19-11-4 § 19-11-4. Possession and management of property — Notice to debtors and persons in possession.

Rhode Island Statutes

§ 19-11-4 — § 19-11-4. Possession and management of property — Notice to debtors and persons in possession.

Rhode Island § 19-11-4

Title 19Financial institutions

Ch. 19-11Conservatorship

This text of Rhode Island § 19-11-4 (§ 19-11-4. Possession and management of property — Notice to debtors and persons in possession.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-11-4 (2026).

Text

§ 19-11-4. Possession and management of property — Notice to debtors and persons in possession.
(a) Each conservator, immediately after appointment and qualification, shall take and
            have possession and management of the property and business of the financial institution
            or credit union and thereafter shall take any action in the name and behalf of the
            financial institution or credit union necessary or desirable to carry on its business
            and to conserve its assets pending reorganization or the disposition of the assets
            as provided by law, all under the direction and control of the director, or the director's
            designee.
         
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§ 19-11-4. Possession and management of property — Notice to debtors and persons in possession.

(a) Each conservator, immediately after appointment and qualification, shall take and have possession and management of the property and business of the financial institution or credit union and thereafter shall take any action in the name and behalf of the financial institution or credit union necessary or desirable to carry on its business and to conserve its assets pending reorganization or the disposition of the assets as provided by law, all under the direction and control of the director, or the director's designee.

(b) Immediately after taking possession of the property and business of the financial institution or credit union, the conservator shall give notice in writing of having taken possession to all persons holding or having possession of any assets of the financial institution or credit union and to all persons indebted to the financial institution or credit union. No financial institution, federally chartered institution, credit union, federal credit union, association, firm, or individual, having been notified of the appointment of the conservator or otherwise having knowledge of his or her appointment, shall have or acquire any lien or charge upon or against any of the property of the financial institution or credit union for any payment, advance, or clearance or any obligation thereafter made or incurred.