§ 19-12-16 - Appeals. - Rhode Island Statutes

SECTION 19-12-16

   § 19-12-16  Appeals. – Any order or judgment of the court having jurisdiction of any receivershipproceeding under this chapter that provides for a payment to employees anddepositors that have priority under § 19-12-7(a)(2), (a)(3) and/or (a)(4)or a transfer of assets of the financial institution or credit union for aconsideration that includes the payment or assumption of some or all of theliabilities of the financial institution or credit union to the employees ordepositors shall be final and binding and not subject to reversal on appealunless, prior to the consummation of the transfer, the court which entered thejudgment shall, on motion of an aggrieved party in interest grant a staypending appeal conditioned upon the appellant filing a supersedeas bond in thefull amount of the loss the employees and depositors may sustain in the eventthe order or judgment is upheld on appeal or the supreme court shall, after themotion has been denied by the superior court and prior to the consummation ofthe payment or transfer, grant a stay pending appeal conditioned upon theappellant filing a similarly conditioned supersedeas bond.