§ 18-4-11 - Purposes for which borrowing authorized. - Rhode Island Statutes

SECTION 18-4-11

   § 18-4-11  Purposes for which borrowingauthorized. – (a) Borrowing may be authorized for any one or more of the following purposes:

   (1) To pay assessments upon the trust property forbetterments;

   (2) To pay for any repairs and improvements on the propertythat may be or become necessary or desirable by reason of the betterments, orby reason of the taking of any part or parts of the property by right ofeminent domain;

   (3) To pay for the erection, alteration, completion, orestablishment of or additions to any building, buildings, or other improvementson the property;

   (4) To discharge or reduce any existing obligations orencumbrances binding upon the trust property; or

   (5) To pay for any charge or expense for any other purposewhatsoever which the court may approve as necessary or desirable for theprotection or benefit of the trust property.

   (b) Each borrowing may be authorized in an amount and onthose terms and conditions and with any directions and instructions to thetrustee or trustees that the court deems proper.