Rhode Island General Laws 42-116-36. Recording certain transfer documents
If the corporation receives or makes an assignment, conveyance or other transfer of commercial paper consisting of negotiable or non-negotiable instruments or contracts that are secured by any mortgage, assignment of rents, profits, or income of real estate, security interests in fixtures or personal property or other instruments or documents that provide collateral security for the commercial paper, the officer responsible for the recording of deeds or other instruments in the records of each city or town where the original instruments or documents that granted the collateral security were recorded shall accept for recording a duly executed and acknowledged general assignment, conveyance, or other transfer from or to the corporation which identifies the transferor and the transferee without requiring a separate document or instrument to be recorded to evidence the transfer, conveyance, or assignment of each individual item of collateral security or a reference to the book and page where each recorded instrument affected by the transfer was recorded. The general assignment, conveyance, or transfer shall be constructive notice to all persons of the assignment, conveyance, or transfer to or from the corporation.
History of Section.
P.L. 1992, ch. 9, § 4.
Terms Used In Rhode Island General Laws 42-116-36
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9