Rhode Island § 42-116-23 § 42-116-23. Certain agreements.

Rhode Island Statutes

§ 42-116-23 — § 42-116-23. Certain agreements.

Rhode Island·Title 42 State Affairs and Government·Ch. 42-116 Rhode Island Depositors Economic Protection Corporation

§ 42-116-23. Certain agreements.
No agreement which tends to diminish or defeat the interest of the corporation in
            any asset acquired by it under this chapter is valid against the corporation unless
            the agreement:
         
(1) Is in writing;
         
(2) Was executed by the eligible institution and any person claiming an adverse interest
            thereunder, including the obligor, contemporaneously with the acquisition of the asset
            by the eligible institution;
         
(3) Was approved by the board of directors of the eligible institution or its loan committee;
  

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§ 42-116-23. Certain agreements.

No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the eligible institution;

(3) Was approved by the board of directors of the eligible institution or its loan committee; which approval is reflected in the minutes of the board or committee; and

(4) Has been, continuously, from the time of its execution, an official record of the eligible institution.

Rhode Island § 42-116-23 (§ 42-116-23. Certain agreements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.