§ 39-1-58 - Events of default; foreclosure. - Rhode-island Statutes

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Statutes > Rhode-island > Title-39 > Chapter-39-1 > 39-1-58

SECTION 39-1-58

§ 39-1-58 Events of default; foreclosure.– Upon the occurrence of an event of default with respect to transition bondsissued pursuant thereto and which are secured by a security interest perfectedin accordance with this chapter, the holders of such bonds or their authorizedrepresentatives shall have the same rights as those of a secured party underArticle 9 of the Uniform Commercial Code (as set forth in chapter 9 of title6A); and, subject to the rights of other parties, if any, holding priorsecurity interests perfected in the manner provided in this chapter, shall beentitled to foreclose upon and otherwise enforce their security interest incourt and to request the sequestration and payment to the holders or theirauthorized representatives of all revenues and other amounts arising from theimposition of intangible transition charges included in the intangibletransition property in which such holders have a security interest.

State Codes and Statutes

Statutes > Rhode-island > Title-39 > Chapter-39-1 > 39-1-58

SECTION 39-1-58

§ 39-1-58 Events of default; foreclosure.– Upon the occurrence of an event of default with respect to transition bondsissued pursuant thereto and which are secured by a security interest perfectedin accordance with this chapter, the holders of such bonds or their authorizedrepresentatives shall have the same rights as those of a secured party underArticle 9 of the Uniform Commercial Code (as set forth in chapter 9 of title6A); and, subject to the rights of other parties, if any, holding priorsecurity interests perfected in the manner provided in this chapter, shall beentitled to foreclose upon and otherwise enforce their security interest incourt and to request the sequestration and payment to the holders or theirauthorized representatives of all revenues and other amounts arising from theimposition of intangible transition charges included in the intangibletransition property in which such holders have a security interest.

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State Codes and Statutes

Statutes > Rhode-island > Title-39 > Chapter-39-1 > 39-1-58

SECTION 39-1-58

§ 39-1-58 Events of default; foreclosure.– Upon the occurrence of an event of default with respect to transition bondsissued pursuant thereto and which are secured by a security interest perfectedin accordance with this chapter, the holders of such bonds or their authorizedrepresentatives shall have the same rights as those of a secured party underArticle 9 of the Uniform Commercial Code (as set forth in chapter 9 of title6A); and, subject to the rights of other parties, if any, holding priorsecurity interests perfected in the manner provided in this chapter, shall beentitled to foreclose upon and otherwise enforce their security interest incourt and to request the sequestration and payment to the holders or theirauthorized representatives of all revenues and other amounts arising from theimposition of intangible transition charges included in the intangibletransition property in which such holders have a security interest.