Chapter 358
2003 --
H 5479 SUBSTITUTE A
Enacted 07/17/03
AN ACT
RELATING
TO PROPERTY - MORTGAGE FORECLOSURES
Introduced
By: Representatives Lewiss, Gallison, Anguilla, and Lally
Date
Introduced: February 06, 2003
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 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 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. Section 34-27-4 of the General Laws in Chapter 34-27 entitled "Mortgage
Foreclosure
and Sale" is hereby amended to read as follows:
34-27-4.
Publication of notice under power of sale. -- (a) Whenever any real
estate
shall
be sold under any power of sale mortgage executed subsequent to May 4, 1911,
and the
mortgage
shall provide for the giving of notice of the sale by publication in some
public
newspaper
at least once a week for three (3) successive weeks before the sale, the first
publication
of
the notice shall be at least twenty-one (21) days before the day of sale,
including the day of the
first
publication in the computation.
(b) Provided, however, that no notice shall be valid or effective unless the
mortgagor has
been
mailed written notice of the time and place of sale by certified mail return
receipt requested
at
the address of the real estate and, if different, at the mortgagor's address
listed with the tax
assessor's
office of the city or town where the real estate is located or any other
address
mortgagor
designates by written notice to mortgagee at his, 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, days prior to the first publication, including the
day
of mailing in the computation. The mortgagee shall include in the foreclosure
deed an
affidavit
of compliance with this provision.
SECTION
3. This act shall take effect on November 1, 2003; provided that the minimum
thirty
(30) day notice requirement for individual consumer mortgagors shall be
applicable only
with regard to notices mailed to such mortgagors
on and after November 1, 2003.
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LC01543/SUB
A
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