2014 -- S 2272 AS AMENDED

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LC003349

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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: Senators Algiere, and Cool Rumsey

     Date Introduced: February 04, 2014

     Referred To: Senate Finance

     (by request)

It is enacted by the General Assembly as follows:

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

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

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

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

(Power)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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,

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

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

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

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

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

     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

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

respectively.

     This act would take effect upon passage.

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