§ 42-116-18. Lien status — Recording.
(a) Notwithstanding any provision of any other law, including the Uniform Commercial Code, title 6A of the general laws:
(1) Any pledge or assignment of revenues of any kind, funds, loan agreements, property, or assets made pursuant to the provisions of this chapter by the corporation is valid and binding against all parties having claims of any kind in tort, contract, or otherwise, whether or not the parties have notice of these claims, and is deemed continuously perfected from the time it is made;
(2) No filing of any kind with respect to the pledge or assignment need be made under the Uniform Commercial Code, title 6A of the general laws, as amended, or otherwise;
(3) Unless otherwise provided in the loan agreement, a pledge of revenues of any kind is deemed to include a pledge of any accounts or general intangibles from which the pledged revenues are derived, whether existing at the time of the pledge or thereafter coming into existence and whether held at the time of the pledge or thereafter acquired by the corporation and the proceeds of the accounts or general intangibles; and
(4) The pledge of revenues of any kind, accounts, and general intangibles is subject to the lien of the pledge without delivery or segregation and the lien of the pledge is valid and binding against all parties having claims of contract or tort or otherwise against the corporation.
(b) A pledge of revenues of any kind under this chapter constitutes a sufficient appropriation of revenues for the purposes of any provision for appropriation and the revenues may be applied as required by the pledge without further appropriation.
(c) For the purposes of this section the word “pledge” is construed to include the grant of a security interest under the Uniform Commercial Code, title 6A of the general laws.
History of Section.P.L. 1991, ch. 3, § 4.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.