§ 10-4-7 - Sale of assigned property – Continuation of business – Redemption of property subject to liens. - Rhode Island Statutes

SECTION 10-4-7

   § 10-4-7  Sale of assigned property –Continuation of business – Redemption of property subject to liens. –No assignee under this chapter shall sell any property of his or her assignor,except perishable goods, or in continuation of the business of the assignor inits ordinary course and without power to purchase new stock or to incur otherthan necessary expense for keeping the business along, without giving at leastten (10) days' notice to all creditors by mail, postpaid, directed to allcreditors at their respective addresses as they appear in the schedule made bythe assignor, and stating that the property will be sold at public auction at agiven time and place, and the assignee shall also give like notice of suchauction sale in some public newspaper published in the town or city, or if nonebe there published, in some public newspaper published in the county where theauction sale will be held; provided, that private sale at a fixed price may bemade by consent of all creditors named in the schedule made by the assignor, orby order of the superior court upon application of the assignee and after liketen (10) days' notice by mail to such creditors. The assignee may also, uponlike consent of the creditors, or like order of the superior court, redeem allmortgages, conditional contracts, pledges, and liens of or upon any property ofthe assignor conveyed under the assignment.