Section 870-RICR-30-00-6.16 - Assignment of TIF AgreementA. A Developer that has entered into a TIF Agreement with the Corporation pursuant to this section may, upon notice to and consent of the Corporation, pledge and assign as security for any loan, any or all of its right, title and interest in and to the TIF Agreement and in the TIF Payments due thereunder, and the right to receive the same, along with the rights and remedies provided to the Developer under such agreement. Any such assignment shall be an absolute assignment for all purposes, including the federal bankruptcy code.B. Any pledge of TIF payments made by the Developer shall be valid and binding from the time when the pledge is made and filed in the records of the Corporation. The TIF Agreement and payments so pledged and thereafter received by the Developer shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind of tort, contact, or otherwise against the Developer irrespective of whether the parties have notice thereof.870 R.I. Code R. 870-RICR-30-00-6.16
Amended effective 12/19/2018