§ 19-12-11 - Additional powers of receiver. - Rhode Island Statutes

SECTION 19-12-11

   § 19-12-11  Additional powers of receiver.– (a) In addition to powers granted to the receiver pursuant to this chapter orany other law, a receiver appointed under this chapter shall have the power toreject any executory contract or unexpired lease of the financial institutionor credit union.

   (b) After notice and hearing, the receiver may abandon anyproperty of the receivership estate that is burdensome to the estate or that isof inconsequential value and benefit to the estate.

   (c) On request of a party in interest, and after notice and ahearing, the court may order the receiver to abandon any property of thereceivership estate that is burdensome to the estate or that is ofinconsequential value and benefit to the estate.

   (d) Unless the court orders otherwise, any property scheduledpursuant to § 19-12-4 of this chapter not otherwise administered at thetime of the closing of the receivership proceeding is abandoned to thefinancial institution or credit union subject to the receivership proceedingbeing reopened by the court to administer assets, to accord relief to thefinancial institution or credit union or for other cause.

   (e) Unless the court orders otherwise, property of thereceivership estate that is not abandoned under this section and that is notadministered in the receivership proceeding remains property of thereceivership estate.