§ 10-21-12.1. Powers and duties of temporary non-liquidating receiver — Operating plan.
(a) A temporary non-liquidating receiver shall:
(1) Assist the owner in developing an operating plan in consultation;
(2) Present the operating plan to the court for approval; and
(3) Monitor the owner’s business operations and the owner’s compliance with the plan.
(b) An operating plan must:
(1) Except to the extent that a particular creditor has agreed to a different treatment of its claim:
(i) Provide for the payment of any secured obligation of the owner on the terms of the secured obligation;
(ii) Provide for the payment of the owner’s debts accruing or arising after the appointment of the receiver when such debts become due; and
(iii) Provide for the payment of each of the owner’s other debts either:
(A) In periodic installments over a term of not more than three (3) years after the court approves the plan; or
(B) As to a particular debt, in such other manner as the owner and the creditor may agree in a record; and
(2) Include such other measures as necessary to justify the termination of the receivership.
(c) The court may modify the operating plan.
(d) A temporary non-liquidating receiver may not exercise any of the powers under §§ 10-21-12(a)(1) through (4) unless:
(1) The court directs otherwise for cause; or
(2) The owner defaults on an approved operating plan after such notice and opportunity to cure the default as the court specifies.
History of Section.P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.
Structure Rhode Island General Laws
Title 10 - Courts and Civil Procedure – Procedure in Particular Actions
Chapter 10-21 - Rhode Island Commercial Receivership Act
Section 10-21-1. - Short title.
Section 10-21-2. - Definitions.
Section 10-21-3. - Notice and opportunity for hearing.
Section 10-21-3.1. - Administrative and procedural orders in temporary non-liquidating receivership.
Section 10-21-4. - Scope — Exclusions.
Section 10-21-5. - Power of court.
Section 10-21-6. - Appointment of receiver.
Section 10-21-6.1. - Appointment of temporary non-liquidating receiver.
Section 10-21-7. - Disqualification from appointment as receiver — Disclosure of interest.
Section 10-21-8. - Receiver’s bond — Alternative security.
Section 10-21-9. - Status of receiver as lien creditor.
Section 10-21-10. - Security interest covering after-acquired property.
Section 10-21-11. - Collection and turnover of receivership property.
Section 10-21-12. - Powers and duties of receiver.
Section 10-21-12.1. - Powers and duties of temporary non-liquidating receiver — Operating plan.
Section 10-21-13. - Duties of owner.
Section 10-21-13.1. - Owner’s duties in temporary non-liquidating receivership.
Section 10-21-14. - Stay — Injunction.
Section 10-21-14.1. - Stay in a temporary non-liquidating receivership.
Section 10-21-15. - Engagement and compensation of professional.
Section 10-21-16. - Use or transfer of receivership property not in the ordinary course of business.
Section 10-21-17. - Executory contract.
Section 10-21-18. - Defenses and immunities of receiver.
Section 10-21-19. - Interim report of receiver.
Section 10-21-19.1. - Interim report of temporary non-liquidating receiver.
Section 10-21-20. - Notice of appointment — Claim against receivership — Distribution to creditors.
Section 10-21-21. - Fees and expenses.
Section 10-21-21.1. - Emergency declaration receivership program coordinator.
Section 10-21-22. - Removal of receiver — Replacement — Termination of receivership.
Section 10-21-23. - Final report of receiver — Discharge.
Section 10-21-24. - Receivership in another state — Ancillary proceeding.
Section 10-21-25. - Effect of enforcement by secured party.
Section 10-21-26. - Uniformity of application and construction.
Section 10-21-27. - Relation to Electronic Signatures in Global and National Commerce Act.