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Section 42-116-23 Certain agreements.

RI Gen L § 42-116-23 (2019) (N/A)
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§ 42-116-23. Certain agreements. No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement:

(1) Is in writing;

(2) Was executed by the eligible institution and any person claiming 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 eligible institution or its loan committee; which approval is reflected in the minutes of the board or committee; and

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

History of Section. (P.L. 1991, ch. 3, § 4.)

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