§ 10-4-7. Sale of assigned property — Continuation of business — Redemption of property subject to liens.
No assignee under this chapter shall sell any property of his or her assignor, except perishable goods, or in continuation of the business of the assignor in its ordinary course and without power to purchase new stock or to incur other than necessary expense for keeping the business along, without giving at least ten (10) days’ notice to all creditors by mail, postpaid, directed to all creditors at their respective addresses as they appear in the schedule made by the assignor, and stating that the property will be sold at public auction at a given time and place, and the assignee shall also give like notice of such auction sale in some public newspaper published in the town or city, or if none be there published, in some public newspaper published in the county where the auction sale will be held; provided, that private sale at a fixed price may be made by consent of all creditors named in the schedule made by the assignor, or by order of the superior court upon application of the assignee and after like ten (10) days’ notice by mail to such creditors. The assignee may also, upon like consent of the creditors, or like order of the superior court, redeem all mortgages, conditional contracts, pledges, and liens of or upon any property of the assignor conveyed under the assignment.
History of Section.P.L. 1902, ch. 984, § 5; C.P.A. 1905, §§ 1220, 1229; G.L. 1909, ch. 338, § 5; G.L. 1923, ch. 389, § 5; G.L. 1938, ch. 595, § 5; G.L. 1956, § 10-4-7; P.L. 1997, ch. 326, § 94.
Structure Rhode Island General Laws
Title 10 - Courts and Civil Procedure – Procedure in Particular Actions
Chapter 10-4 - Assignment for Benefit of Creditors
Section 10-4-1. - Residence of assignee — Bond.
Section 10-4-2. - Filing of schedules and lists — Certificate of deed of assignment.
Section 10-4-3. - Place of filing of papers.
Section 10-4-4. - Recording and notice of assignments.
Section 10-4-5. - Removal or replacement of assignee.
Section 10-4-6. - Effect of assignment on liens.
Section 10-4-7. - Sale of assigned property — Continuation of business — Redemption of property subject to liens.
Section 10-4-8. - Demands for and protection of property by assignee.
Section 10-4-9. - Effect on suits and proceedings of death, resignation, or removal of assignee.
Section 10-4-10. - Dividends to creditors — Assignee’s report — Discharge of surety on bond.
Section 10-4-11. - Record of proceedings.
Section 10-4-12. - Appeal to supreme court — Certification of questions.
Section 10-4-13. - Chancery jurisdiction preserved — Provisions mandatory.