§ 45-27-14 - Limitation on remedies against property of authority. - Rhode Island Statutes

SECTION 45-27-14

   § 45-27-14  Limitation on remedies againstproperty of authority. – (a) No interest of the authority in any property, real or personal, is subjectto sale by the foreclosure of a mortgage on it, either through judicialproceedings or the exercise of a power of sale contained in the mortgage,except in the case of the mortgages provided for in § 45-27-10. Allproperty of the authority is exempt from levy and sale by virtue of anexecution, and no execution or other judicial process shall issue against theauthority.

   (b) No judgment against the authority shall be a charge orlien upon its property, real or personal. The provisions of this section do notapply to or limit the right of obligees to foreclose any mortgage of theauthority provided for in § 45-27-10 and, in the case of a foreclosuresale, to obtain a judgment or decree for any deficiency due on the indebtednesssecured by it and issued on the credit of the authority. The deficiencyjudgment or decree shall be a lien and charge upon the property of theauthority, which may be levied on and sold by virtue of an execution or otherjudicial process for the purpose of satisfying that deficiency judgment ordecree.