§ 33-18-15 - Exercise of power of sale in mortgage. - Rhode Island Statutes

SECTION 33-18-15

   § 33-18-15  Exercise of power of sale inmortgage. – In case of a mortgage containing powers of sale, the executor, administrator,or guardian of the estate for the time being of the mortgagee may, on default,unless provisions to the contrary be made in the mortgage, exercise theenumerated powers of sale. The executor, administrator, or guardian may, ifempowered by the mortgage or by law, and if in his or her discretion it isnecessary to prevent a sacrifice of the property, bid upon and buy in themortgaged property at the sale; and having so purchased, may, on application tothe probate court, be authorized to resell the property at public or privatesale pursuant to the direction of the court, and convey, without beingaccountable for any resulting loss. The proceeds of the sale shall be personalproperty.