Rhode Island § 42-55.2-3 § 42-55.2-3. Acquisition of property and deposit into the land bank.

Rhode Island Statutes

§ 42-55.2-3 — § 42-55.2-3. Acquisition of property and deposit into the land bank.

Rhode Island § 42-55.2-3

Title 42State Affairs and Government

Ch. 42-55.2Housing Land Bank Program

This text of Rhode Island § 42-55.2-3 (§ 42-55.2-3. Acquisition of property and deposit into the land bank.) 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 § 42-55.2-3 (2026).

Text

§ 42-55.2-3. Acquisition of property and deposit into the land bank.
(a) The corporation may acquire real property or interests in real property by gift, transfer,
            exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner
            the corporation considers proper and deposit such property into the land bank.
         
(b) The corporation may use its own funds or funds that it controls to acquire real property
            by purchase contracts, lease purchase agreements, installment sales contracts, and/or
            land contracts, and may accept donations and transfers from municipalities, other
            quasi-public entities, n

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§ 42-55.2-3. Acquisition of property and deposit into the land bank.

(a) The corporation may acquire real property or interests in real property by gift, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the corporation considers proper and deposit such property into the land bank.

(b) The corporation may use its own funds or funds that it controls to acquire real property by purchase contracts, lease purchase agreements, installment sales contracts, and/or land contracts, and may accept donations and transfers from municipalities, other quasi-public entities, nonprofit entities, or the state upon such terms and conditions as agreed to by the corporation and the respective municipality, entity, or state. Nothing herein shall prevent the corporation from accepting donations from private entities.

(c) Notwithstanding any other law to the contrary, any municipality may freely transfer to the land bank real property and interests in real property of the municipality on such terms and conditions and according to such procedures as determined jointly by the municipality in which the property is located and the corporation.