2014 -- H 7227 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO PROPERTY -- FORM AND EFFECT OF CONVEYANCES

     

     Introduced By: Representatives Azzinaro, Walsh, and Kennedy

     Date Introduced: January 29, 2014

     Referred To: House Judiciary

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 34-11-22 of the General Laws in Chapter 34-11 entitled "Form and

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Effect of Conveyances" is hereby amended to read as follows:

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     34-11-22. Statutory power of sale in mortgage. -- The following power shall be known

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as the "statutory power of sale" and may be incorporated in any mortgage by reference:

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(Power)

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     But if default shall be made in the performance or observance of any of the foregoing or

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other conditions, or if breach shall be made of the covenant for insurance contained in this deed,

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then it shall be lawful for the mortgagee or his, her or its executors, administrators, successors or

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assigns to sell, together or in parcels, all and singular the premises hereby granted or intended to

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be granted, or any part or parts thereof, and the benefit and equity of redemption of the mortgagor

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and his, her or its heirs, executors, administrators, successors and assigns therein, at public

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auction upon the premises, or at such other place, if any, as may be designated for that purpose in

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this deed, or in the published notice of sale first by mailing written notice of the time and place of

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sale by certified mail, return receipt requested, to the mortgagor, at his or her or its last known

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address, at least twenty (20) days for mortgagors other than individual consumer mortgagors, and

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at least thirty (30) days for individual consumer mortgagors, prior to first publishing the notice,

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including the day of the mailing in the computation; second, by publishing the same at least once

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each week for three (3) successive weeks in a public newspaper published daily in the city in

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which the mortgaged premises are situated; and if there be no public newspaper published daily

 

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in the city in which the mortgaged premises are situated, or if the mortgaged premises are not

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situated in a city, then (1) if the mortgaged premises are situated in the city of Central Falls, in a

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public newspaper published daily in the city of Pawtucket; (2) if the mortgaged premises are

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situated in the town of North Providence, in a public newspaper published daily in either the city

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of Providence or the city of Pawtucket; (3) if the mortgaged premises are situated in any of the

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towns of Cumberland, Lincoln, Smithfield or North Smithfield, in a public newspaper published

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daily in either the city of Pawtucket or Woonsocket; (4) if the mortgaged premises are situated in

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the county of Providence elsewhere than in the above-named cities and towns, in a public

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newspaper published daily in the city of Providence; (5) if the mortgaged premises are situated in

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the county of Newport, in a public newspaper published daily in the city of Newport; but if there

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be no such public newspaper so published, then in some public newspaper published anywhere in

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the county of Newport; (6) if the mortgaged premises are situated in any of the counties of

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Bristol, Kent or Washington, in a public newspaper published daily in the city or town in which

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the mortgaged premises are situated; but if there be no public newspaper so published, in some

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public newspaper published or previously published in the county and presently distributed daily

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in the county in which the mortgaged premises are situated or in a public newspaper published

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daily in the city of Providence; provided however if the mortgaged premises are situated in the

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town of New Shoreham then in addition to publication in a public newspaper published daily as

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required above, it shall also be published in a public newspaper published in the town of New

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Shoreham, and, in the event there is no public newspaper published in the town of New

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Shoreham, then in a public newspaper distributed in the town of New Shoreham; with power to

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adjourn such sale from time to time, provided that publishing of the notice shall be continued,

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together with a notice of the adjournment or adjournments, at least once each week in that

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newspaper; and in his, her or its or their own name or names, or as the attorney or attorneys of the

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mortgagor, for that purpose by these presents duly authorized and appointed with full power of

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substitution and revocation to make, execute and deliver to the purchaser or purchasers at that

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sale a good and sufficient deed or deeds of the mortgaged premises in fee simple, and to receive

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the proceeds of such sale or sales, and from such proceeds to retain all sums hereby secured

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whether then due or to fall due thereafter, or the part thereof then remaining unpaid, and also the

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interest then due on the proceeds, together with all expenses incident to the sale or sales, or for

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making deeds hereunder, and for fees of counsel and attorneys, and all costs or expenses incurred

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in the exercise of such powers, and all taxes, assessments, and premiums for insurance, if any,

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either theretofore paid by the mortgagee or his or her executors, administrators or assigns, or then

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remaining unpaid, upon the mortgaged premises, rendering and paying the surplus of the

 

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proceeds of sale, if any there be, over and above the amounts so to be retained as aforesaid,

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together with a true and particular account of the sale or sales, expenses and charges, to the

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mortgagor, or his, her or its heirs, executors, administrators, successors or assigns; which sale or

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sales made as aforesaid shall forever be a perpetual bar against the mortgagor and his, her or its

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heirs, executors, administrators, successors and assigns, and all persons claiming the premises, so

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sold, by, through or under him or her, them or any of them.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO PROPERTY -- FORM AND EFFECT OF CONVEYANCES

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     This act would permit publication of foreclosure notices for properties in the counties of

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Bristol, Kent and Washington in newspapers published or distributed in those counties

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respectively.

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     This act would take effect upon passage.

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