State Codes and Statutes
Statutes > Rhode-island > Title-27 > Chapter-27-14-4 > 27-14-4-4SECTION 27-14.4-4
§ 27-14.4-4 Title vested in domiciliaryreceiver – Official bond. – The domiciliary receiver and his or her successors shall be vested by operationof law with the title to all of the property, contracts, and rights of action,and all of the books and records, of the insurer wherever located, as of thedate of entry of the order directing possession to be taken, and the receivershall have the right to recover that property and reduce it to possession;except that ancillary receivers in reciprocal states shall have, as to assetslocated in their respective states, the rights and powers which are prescribedin this chapter for ancillary receivers appointed in this state as to assetslocated in this state. The filing or recording of the order directingpossession to be taken, or a certified copy of it, in the office whereinstruments affecting title to property are required to be filed or recordedshall impart the same notice as would be imparted by a deed, bill of sale, orother evidence of title duly filed or recorded. The domiciliary receiver shallbe responsible on his or her official bond for the proper administration of allassets coming into his or her possession or control. The court may at any timerequire an additional bond from the receiver or his or her deputies if deemeddesirable for the protection of the assets.
