§ 42-116-40 — § 42-116-40. Court-approved settlements.

Rhode Island § 42-116-40

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

Text

§ 42-116-40. Court-approved settlements.

(a) Notwithstanding any provisions of law to the contrary, a person, corporation, or other entity who has resolved its liability to the Rhode Island depositors economic protection corporation, the receiver of Rhode Island share and deposit indemnity corporation or the receiver of any state-chartered financial institution in a judicially-approved good faith settlement is not liable for claims for contribution or equitable indemnity regarding matters addressed in the settlement. The settlement does not discharge any other joint tortfeasors unless its terms provide, but it reduces the potential liability of the joint tortfeasors by the amount of the settlement.

(b) The provisions of this section apply solely and exclusively to settlements of liabilities to the Rhode Island depositors economic protection corporation, the receiver of the Rhode Island share and deposit indemnity corporation and the receiver of any other state-chartered financial institution and shall not be construed to amend or repeal the provisions of chapter 6 of title 10 relating to contributions among joint tortfeasors, other than as specifically provided in this section.

Legislative History

P.L. 1993, ch. 85, § 1; P.L. 2006, ch. 216, § 53.