Rhode Island General Laws 44-7-25. Sale of rights to uncollected taxes that are due and payable
The collector, with the approval of the city or town council, is authorized to sell to a bank or other financial institution the rights of the city or town to receive taxes, which are due and payable as of the end of the city or town’s fiscal year and are uncollected at the time of the sale. Any agreement executed under this section shall be filed with the city or town clerk, but does not need to be filed or recorded under the Uniform Commercial Code, title 6A. The collector shall act as the sole collecting agent for the bank or financial institution and shall exercise the rights under chapters 7 — 9 of this title as to collection, enforcement of liens, and sale for nonpayment with respect to those taxes.
History of Section.
P.L. 1983, ch. 329, § 1; P.L. 1984, ch. 329, § 1; P.L. 1986, ch. 198, § 54.
Terms Used In Rhode Island General Laws 44-7-25
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- 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
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC