§ 42-116-23 - Certain agreements. - Rhode Island Statutes

SECTION 42-116-23

   § 42-116-23  Certain agreements. – No agreement which tends to diminish or defeat the interest of the corporationin any asset acquired by it under this chapter is valid against the corporationunless the agreement:

   (1) Is in writing;

   (2) Was executed by the eligible institution and any personclaiming an adverse interest thereunder, including the obligor,contemporaneously with the acquisition of the asset by the eligible institution;

   (3) Was approved by the board of directors of the eligibleinstitution or its loan committee; which approval is reflected in the minutesof the board or committee; and

   (4) Has been, continuously, from the time of its execution,an official record of the eligible institution.