§ 42-116-23 - Certain agreements. - Rhode-island Statutes

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SECTION 42-116-23

§ 42-116-23 Certain agreements. – No agreement which tends to diminish or defeat the interest of the corporationin any asset acquired by it under this chapter is valid against the corporationunless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any personclaiming an adverse interest thereunder, including the obligor,contemporaneously with the acquisition of the asset by the eligible institution;

(3) Was approved by the board of directors of the eligibleinstitution or its loan committee; which approval is reflected in the minutesof the board or committee; and

(4) Has been, continuously, from the time of its execution,an official record of the eligible institution.

State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-116 > 42-116-23

SECTION 42-116-23

§ 42-116-23 Certain agreements. – No agreement which tends to diminish or defeat the interest of the corporationin any asset acquired by it under this chapter is valid against the corporationunless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any personclaiming an adverse interest thereunder, including the obligor,contemporaneously with the acquisition of the asset by the eligible institution;

(3) Was approved by the board of directors of the eligibleinstitution or its loan committee; which approval is reflected in the minutesof the board or committee; and

(4) Has been, continuously, from the time of its execution,an official record of the eligible institution.

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State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-116 > 42-116-23

SECTION 42-116-23

§ 42-116-23 Certain agreements. – No agreement which tends to diminish or defeat the interest of the corporationin any asset acquired by it under this chapter is valid against the corporationunless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any personclaiming an adverse interest thereunder, including the obligor,contemporaneously with the acquisition of the asset by the eligible institution;

(3) Was approved by the board of directors of the eligibleinstitution or its loan committee; which approval is reflected in the minutesof the board or committee; and

(4) Has been, continuously, from the time of its execution,an official record of the eligible institution.