Section 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.R.I. Gen. Laws § 10-21-12.1
Added by 2022 Pub. Laws, ch. 107,§ 1, eff. 6/20/2022.Added by 2022 Pub. Laws, ch. 108,§ 1, eff. 6/20/2022.