§ 10-21-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Commercial Receivership Act.” History of Section.P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.
§ 10-21-10. Security interest covering after-acquired property. Except as otherwise provided by law of this state other than this chapter, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the […]
§ 10-21-11. Collection and turnover of receivership property. (a) Unless the court orders otherwise, on demand by a receiver: (1) A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the […]
§ 10-21-12. Powers and duties of receiver. (a) Except as limited by court order or law of this state other than this chapter, a receiver may: (1) Collect, control, manage, conserve, and protect receivership property; (2) Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property […]
§ 10-21-12.1. Powers and duties of temporary non-liquidating receiver — Operating plan. (a) A temporary non-liquidating receiver shall: (1) Assist the owner in developing an operating plan in consultation; (2) Present the operating plan to the court for approval; and (3) Monitor the owner’s business operations and the owner’s compliance with the plan. (b) An […]
§ 10-21-13. Duties of owner. (a) An owner shall: (1) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties; (2) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control; (3) Identify all records and other information relating […]
§ 10-21-13.1. Owner’s duties in temporary non-liquidating receivership. Unless the court orders otherwise, the owner shall: (1) Develop an operating plan and any modifications to the plan that the temporary non-liquidating receiver may propose; (2) Obtain court approval of the operating plan; and (3) Timely perform the owner’s duties under the operating plan. History of […]
§ 10-21-14. Stay — Injunction. (a) Except as otherwise provided in subsection (d) of this section or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding: (1) To obtain possession of, exercise control over, or enforce a judgment against receivership property; […]
§ 10-21-14.1. Stay in a temporary non-liquidating receivership. On appointment of a temporary non-liquidating receiver, the stay under § 10-21-14(a) is effective for the period that the court considers necessary, but not more than ninety (90) days. The court may extend the stay in increments of not more than thirty (30) days. History of Section.P.L. […]
§ 10-21-15. Engagement and compensation of professional. (a) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court: (1) The identity and qualifications of the professional; (2) […]
§ 10-21-16. Use or transfer of receivership property not in the ordinary course of business. (a) In this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (b) With court approval, a receiver may use receivership property other than in the ordinary course of business. (c) With […]
§ 10-21-16.1. Use or transfer of receivership property in a temporary non-liquidating receivership. The owner may use or transfer receivership property, by sale, lease, license, exchange or other disposition, only: (1) With court approval; and (2) After the court approves the operating plan, in accordance with the plan. History of Section.P.L. 2022, ch. 107, § […]
§ 10-21-17. Executory contract. (a) In this section, “timeshare interest” means a “time share” as defined in § 34-41-1.02. (b) Except as otherwise provided in subsection (h) of this section, with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. The court may condition the receiver’s […]
§ 10-21-18. Defenses and immunities of receiver. (a) A receiver is entitled to all defenses and immunities provided by law of this state other than this chapter for an act or omission within the scope of the receiver’s appointment. (b) A receiver may be sued personally for an act or omission in administering receivership property […]
§ 10-21-19. Interim report of receiver. A receiver may file or, if ordered by the court, shall file an interim report that includes: (1) The activities of the receiver since appointment or a previous report; (2) Receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the receiver; […]
§ 10-21-19.1. Interim report of temporary non-liquidating receiver. In addition to the any interim report required by § 10-21-19, unless the court orders otherwise, a temporary non-liquidating receiver shall file a monthly report that includes: (1) Development and implementation of the operating plan; and (2) The owner’s compliance with the operating plan and with this […]
§ 10-21-2. Definitions. As used in this chapter: (1) “Affiliate” means: (i) With respect to an individual: (A) A companion of the individual; (B) A lineal ancestor or descendant, whether by blood or adoption of: (I) The individual; or (II) A companion of the individual; (C) A companion of an ancestor or descendant described in […]
§ 10-21-2.1. Additional definitions for emergency declaration temporary non-liquidating receivership. In this chapter: (1) “Emergency” means a serious, dangerous, or unexpected situation that causes or potentially causes widespread or substantial loss of life, injury, damage, or public health concern for a significant number of persons or substantial loss of property, including a “disaster” as defined […]
§ 10-21-20. Notice of appointment — Claim against receivership — Distribution to creditors. (a) Except as otherwise provided in subsection (f) of this section, a receiver shall give notice of appointment of the receiver to creditors of the owner by: (1) Deposit for delivery through first-class mail or other commercially reasonable delivery method to the […]
§ 10-21-21. Fees and expenses. (a) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (b) The court may order one or more of the following to pay the reasonable and necessary fees and […]
