R.I. Gen. Laws § 42-116-3

Current through 2024 Public Law 457

Section 42-116-3 - Definitions

As used in this chapter, unless the context clearly indicates otherwise, the following words and phrases have the following meanings:

(1) "Board" means the board of directors of the corporation.

(2) "Bonds" means the bonds, notes, or other evidences of indebtedness of the corporation.

(3) "Commission" means the select commission to investigate the failure of RISDIC insured financial institutions established pursuant to P.L. 91-015.

(4) "Commission costs" means those costs and expenses in the aggregate not to exceed three million eight hundred thousand dollars ($3,800,000) incurred by the commission for services rendered pursuant to a written contract entered into by the commission in furtherance of its purpose, but only to the extent that those costs and expenses have been designated as commission costs and expenses by an affirmative vote of a majority of the members of the commission.

(5) "Corporation" means the Rhode Island depositors economic protection corporation.

(6) "Cost" means any or all costs incurred by the corporation in connection with its operation and in connection with acquiring, managing, restructuring, refinancing, marketing, selling, and disposing of the assets of eligible institutions and/or the corporation including, without limiting the generality of the foregoing, amounts for the following: acquisition, restructuring, refinancing, marketing, sale and disposition of real property, loans and loan participations, including without limitation, commercial loans, real estate construction loans, commercial mortgage loans, consumer installment loans, home equity loans and residential mortgage loans, together with all unpaid interest thereon, including all promissory notes evidencing the loans, all loan agreements, mortgages, security agreements, financing statements, assignments of leases and rents, loan indemnity agreements, guarantees and letters of credit (and any cash proceeds thereof which have not been applied against the obligations under any of the loans) and any other forms of collateral or credit enhancement related to the loans, all cash held by a financial institution as collateral in connection with any loans, all accounts receivable arising from the eligible institution's business, and all letter of credit agreements, fees of trustees and other depositories, legal and auditing fees, premiums and fees for insurance, letters and lines of credit and other credit facilities and, services of engineers, environmental, property management and financial experts and other consultants, and working capital and administrative expenses, legal expenses and other expenses necessary or incidental to the aforesaid.

(7) "Department" means the department of business regulation.

(8) "Deposit liabilities" means liabilities of an eligible institution in respect of time, savings, demand or other deposits of the institution, including without limitation certificates of deposit, individual retirement accounts, escrow and fiduciary accounts, and unpaid cashiers checks issued to depositors or issued to or for depositors in the course of a withdrawal from an account at the institution.

(9) "Eligible institution" means:

(i) any credit union, loan and investment company, bank and trust company or other depository institution;

(A) the accounts of which were insured by the Rhode Island share and deposit indemnity corporation as of December 30, 1990, and

(B) for which a conservator or receiver had been appointed subsequent to January 1, 1991; and

(ii) any conservator or appointed receiver; and

(iii) the Rhode Island share and deposit indemnity corporation; and

(iv) Heritage Loan and Investment Company.

(10) "Person" means any natural or corporate person, including bodies politic and corporate, public departments, offices, agencies, authorities and political subdivisions of the state, corporations, societies, associations and partnerships, and subordinate instrumentalities of any one or more political subdivisions of the state.

(11) "Revenues" means when used with reference to the corporation, any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including without limitation loan repayments, grants, aid, appropriations and other assistance from the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation.

(12) "Trust agreement" means a trust agreement, loan agreement, security agreement, reimbursement agreement, currency or interest rate exchange agreement or other security instrument, and a resolution, loan order or other vote, authorizing, securing, or otherwise providing for the issue of bonds or loans.

R.I. Gen. Laws § 42-116-3

P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1; P.L. 1992, ch. 112, §1; P.L. 2006 , ch. 216, § 53.