Terms Used In Rhode Island General Laws > Chapter 10-21 - Rhode Island Commercial Receivership Act

• Affiliate: means :

  (i)  With respect to an individual:

  (A)  A companion of the individual;

  (B)  A lineal ancestor or descendant, whether by blood or adoption of:

  (I)  The individual; or

  (II)  A companion of the individual;

  (C)  A companion of an ancestor or descendant described in § 10-21-2(1)(i)(B);

  (D)  A sibling, aunt, uncle, great aunt, great uncle, first cousin, niece, nephew, grandniece, or grandnephew of the individual, whether related by the whole or the half blood or adoption, or a companion of any of them; or

  (E)  Any other individual occupying the residence of the individual; and

  (ii)  With respect to a person other than an individual:

  (A)  Another person that directly or indirectly controls, is controlled by, or is under common control with the person;

  (B)  An officer, director, manager, member, partner, employee, or trustee or other fiduciary of the person; or

  (C)  A companion of, or an individual occupying the residence of, an individual described in §§ 10-21-2(1)(ii)(A) or (B). See Rhode Island General Laws 10-21-2

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Collateral: means the property subject to a lien. See Rhode Island General Laws 10-21-2
• Companion: means :

  (i)  The spouse of an individual;

  (ii)  The domestic partner of an individual; or

  (iii)  Another individual in a civil union with an individual. See Rhode Island General Laws 10-21-2

• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Court: means the superior court. See Rhode Island General Laws 10-21-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• debtor: includes a mortgagor. See Rhode Island General Laws 10-21-2
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Executory contract: means a contract, including a lease, under which each party has an unperformed obligation and the failure of a party to complete performance would constitute a material breach. See Rhode Island General Laws 10-21-2
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Governmental unit: means an office, department, division, bureau, board, commission, or other agency of this state or a subdivision of this state. See Rhode Island General Laws 10-21-2
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means an interest in property which secures payment or performance of an obligation. See Rhode Island General Laws 10-21-2
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a record, however denominated, that creates or provides for a consensual lien on real property or rents, even if it also creates or provides for a lien on personal property. See Rhode Island General Laws 10-21-2
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See Rhode Island General Laws 10-21-2
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage. See Rhode Island General Laws 10-21-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner: means the person for whose property a receiver is appointed. See Rhode Island General Laws 10-21-2
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Rhode Island General Laws 10-21-2
• Personal property: All property that is not real property.
• Proceeds: means the following property:

  (i)  Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property;

  (ii)  Whatever is collected on, or distributed on account of, receivership property;

  (iii)  Rights arising out of receivership property;

  (iv)  To the extent of the value of receivership property, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the property; or

  (v)  To the extent of the value of receivership property and to the extent payable to the owner or secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to the property. See Rhode Island General Laws 10-21-2

• Property: means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Rhode Island General Laws 10-21-2
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Rhode Island General Laws 10-21-2
• Receivership: means a proceeding in which a receiver is appointed. See Rhode Island General Laws 10-21-2
• Receivership property: means the property of an owner which is described in the order appointing a receiver or a subsequent order. See Rhode Island General Laws 10-21-2
• Rents: means :

  (i)  Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person;

  (ii)  Sums payable to a mortgagor under a policy of rental-interruption insurance covering real property;

  (iii)  Claims arising out of a default in the payment of sums payable for the right to possess or occupy real property of another person;

  (iv)  Sums payable to terminate an agreement to possess or occupy real property of another person;

  (v)  Sums payable to a mortgagor for payment or reimbursement of expenses incurred in owning, operating, and maintaining real property or constructing or installing improvements on real property; or

  (vi)  Other sums payable under an agreement relating to the real property of another person which constitute rents under law of this state other than this chapter. See Rhode Island General Laws 10-21-2

• Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See Rhode Island General Laws 10-21-2
• Secured party: means a person entitled to enforce a secured obligation. See Rhode Island General Laws 10-21-2
• Security agreement: means an agreement that creates or provides for a lien. See Rhode Island General Laws 10-21-2
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Rhode Island General Laws 10-21-2
• Subpoena: A command to a witness to appear and give testimony.
• 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
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8