Rhode Island § 33-18-15 § 33-18-15. Exercise of power of sale in mortgage.

Rhode Island Statutes

§ 33-18-15 — § 33-18-15. Exercise of power of sale in mortgage.

Rhode Island·Title 33 Probate practice and procedure·Ch. 33-18 Decedentsâ€™ and Incompetentsâ€™ Estates Generally

§ 33-18-15. Exercise of power of sale in mortgage.
In case of a mortgage containing powers of sale, the executor, administrator, or guardian
            of the estate for the time being of the mortgagee may, on default, unless provisions
            to the contrary be made in the mortgage, exercise the enumerated powers of sale. The
            executor, administrator, or guardian may, if empowered by the mortgage or by law,
            and if in his or her discretion it is necessary to prevent a sacrifice of the property,
            bid upon and buy in the mortgaged property at the sale; and having so purchased, may,
            on application to the probate court, be authorized to resell the property at public
      

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§ 33-18-15. Exercise of power of sale in mortgage.

In case of a mortgage containing powers of sale, the executor, administrator, or guardian of the estate for the time being of the mortgagee may, on default, unless provisions to the contrary be made in the mortgage, exercise the enumerated powers of sale. The executor, administrator, or guardian may, if empowered by the mortgage or by law, and if in his or her discretion it is necessary to prevent a sacrifice of the property, bid upon and buy in the mortgaged property at the sale; and having so purchased, may, on application to the probate court, be authorized to resell the property at public or private sale pursuant to the direction of the court, and convey, without being accountable for any resulting loss. The proceeds of the sale shall be personal property.

Rhode Island § 33-18-15 (§ 33-18-15. Exercise of power of sale in mortgage.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.