2013 -- H 5182

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LC00586

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO PROPERTY - FORM AND EFFECT OF CONVEYANCES

     Introduced By: Representative Donald J. Lally

     Date Introduced: January 29, 2013

     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 newspaper published daily statewide or a public

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newspaper published daily in the city in which the mortgaged premises are situated; and if there

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be no public newspaper published daily in the city in which the mortgaged premises are situated,

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or if the mortgaged premises are not situated in a city, then (1) if the mortgaged premises are

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situated in the city of Central Falls, in a public newspaper published daily in the city of

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Pawtucket; (2) if the mortgaged premises are situated in the town of North Providence, in a public

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newspaper published daily in either the city of Providence or the city of Pawtucket; (3) if the

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mortgaged premises are situated in any of the towns of Cumberland, Lincoln, Smithfield or North

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Smithfield, in a public newspaper published daily in either the city of Pawtucket or Woonsocket;

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(4) if the mortgaged premises are situated in the county of Providence elsewhere than in the

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above-named cities and towns, in a public newspaper published daily in the city of Providence;

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(5) if the mortgaged premises are situated in the county of Newport, in a public newspaper

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published daily in the city of Newport; but if there be no such public newspaper so published,

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then in some public newspaper published anywhere in the county of Newport; (6) if the

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mortgaged premises are situated in any of the counties of Bristol, Kent or Washington, in a public

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newspaper published daily in the city or town in which the mortgaged premises are situated; but if

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there be no public newspaper so published, in some public newspaper published daily in the

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

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

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

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

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

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public newspaper distributed in the town of New Shoreham; with power to adjourn such sale

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from time to time, provided that publishing of the notice shall be continued, together with a notice

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of the adjournment or adjournments, at least once each week in that newspaper; and in his, her or

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its or their own name or names, or as the attorney or attorneys of the mortgagor, for that purpose

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by these presents duly authorized and appointed with full power of substitution and revocation to

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make, execute and deliver to the purchaser or purchasers at that sale a good and sufficient deed or

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deeds of the mortgaged premises in fee simple, and to receive the proceeds of such sale or sales,

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and from such proceeds to retain all sums hereby secured whether then due or to fall due

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thereafter, or the part thereof then remaining unpaid, and also the interest then due on the

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proceeds, together with all expenses incident to the sale or sales, or for making deeds hereunder,

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and for fees of counsel and attorneys, and all costs or expenses incurred in the exercise of such

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powers, and all taxes, assessments, and premiums for insurance, if any, either theretofore paid by

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the mortgagee or his or her executors, administrators or assigns, or then remaining unpaid, upon

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the mortgaged premises, rendering and paying the surplus of the proceeds of sale, if any there be,

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over and above the amounts so to be retained as aforesaid, together with a true and particular

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account of the sale or sales, expenses and charges, to the mortgagor, or his, her or its heirs,

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executors, administrators, successors or assigns; which sale or sales made as aforesaid shall

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forever be a perpetual bar against the mortgagor and his, her or its heirs, executors,

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administrators, successors and assigns, and all persons claiming the premises, so sold, by, through

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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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LC00586

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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 add a daily statewide newspaper to the publications that may be used for

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notice in mortgage defaults.

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     This act would take effect upon passage.

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LC00586

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