§ 42-116-3 - Definitions.
SECTION 42-116-3
§ 42-116-3 Definitions. – As used in this chapter, unless the context clearly indicates otherwise, thefollowing words and phrases have the following meanings:
(1) "Board" means the board of directors of the corporation.
(2) "Bonds" means the bonds, notes, or other evidences ofindebtedness of the corporation.
(3) "Commission" means the select commission to investigatethe failure of RISDIC insured financial institutions established pursuant toP.L. 91-015.
(4) "Commission costs" means those costs and expenses in theaggregate not to exceed three million eight hundred thousand dollars($3,800,000) incurred by the commission for services rendered pursuant to awritten contract entered into by the commission in furtherance of its purpose,but only to the extent that those costs and expenses have been designated ascommission costs and expenses by an affirmative vote of a majority of themembers of the commission.
(5) "Corporation" means the Rhode Island depositors economicprotection corporation.
(6) "Cost" means any or all costs incurred by the corporationin connection with its operation and in connection with acquiring, managing,restructuring, refinancing, marketing, selling, and disposing of the assets ofeligible institutions and/or the corporation including, without limiting thegenerality of the foregoing, amounts for the following: acquisition,restructuring, refinancing, marketing, sale and disposition of real property,loans and loan participations, including without limitation, commercial loans,real estate construction loans, commercial mortgage loans, consumer installmentloans, home equity loans and residential mortgage loans, together with allunpaid interest thereon, including all promissory notes evidencing the loans,all loan agreements, mortgages, security agreements, financing statements,assignments of leases and rents, loan indemnity agreements, guarantees andletters of credit (and any cash proceeds thereof which have not been appliedagainst the obligations under any of the loans) and any other forms ofcollateral or credit enhancement related to the loans, all cash held by afinancial institution as collateral in connection with any loans, all accountsreceivable arising from the eligible institution's business, and all letter ofcredit agreements, fees of trustees and other depositories, legal and auditingfees, premiums and fees for insurance, letters and lines of credit and othercredit facilities and, services of engineers, environmental, propertymanagement and financial experts and other consultants, and working capital andadministrative expenses, legal expenses and other expenses necessary orincidental to the aforesaid.
(7) "Department" means the department of business regulation.
(8) "Deposit liabilities" means liabilities of an eligibleinstitution in respect of time, savings, demand or other deposits of theinstitution, including without limitation certificates of deposit, individualretirement accounts, escrow and fiduciary accounts, and unpaid cashiers checksissued to depositors or issued to or for depositors in the course of awithdrawal from an account at the institution.
(9) "Eligible institution" means: (i) any creditunion, loan and investment company, bank and trust company or other depositoryinstitution; (A) the accounts of which were insured by the Rhode Island shareand deposit indemnity corporation as of December 30, 1990, and(B) for which a conservator or receiver had been appointedsubsequent to January 1, 1991; and (ii) any conservator or appointed receiver;and (iii) the Rhode Island share and deposit indemnity corporation; and (iv)Heritage Loan and Investment Company.
(10) "Person" means any natural or corporate person,including bodies politic and corporate, public departments, offices, agencies,authorities and political subdivisions of the state, corporations, societies,associations and partnerships, and subordinate instrumentalities of any one ormore political subdivisions of the state.
(11) "Revenues" means when used with reference to thecorporation, any receipts, fees, payments, moneys, revenues or other paymentsreceived or to be received by the corporation in the exercise of its corporatepowers under this chapter, including without limitation loan repayments,grants, aid, appropriations and other assistance from the state, the UnitedStates or any corporation, department or instrumentality of either or of apolitical subdivision thereof, bond proceeds, investment earnings, insuranceproceeds, amounts in reserves and other funds and accounts established by orpursuant to this chapter or in connection with the issuance of bonds, and anyother taxes, assessments, fees, charges, awards or other income or amountsreceived or receivable by the corporation.
(12) "Trust agreement" means a trust agreement, loanagreement, security agreement, reimbursement agreement, currency or interestrate exchange agreement or other security instrument, and a resolution, loanorder or other vote, authorizing, securing, or otherwise providing for theissue of bonds or loans.