§ 44-5-73 - Authority granted to city and town collectors to sell, assign and transfer tax liens and tax titles in bulk.
SECTION 44-5-73
§ 44-5-73 Authority granted to city andtown collectors to sell, assign and transfer tax liens and tax titles in bulk.– (a) Notwithstanding any of the provisions of chapter 9 of this title, any cityor town may by resolution of its legislative body authorize its collector tosell and assign for consideration to the Rhode Island housing and mortgagefinance corporation pursuant to § 44-9-8.3 of the general laws, any andall liens for taxes assessed against any owner-occupied residential property ofthree (3) units or less on real estate as constituted pursuant to § 44-9-1together with the right to receive the taxes, penalties, and other chargessecured by the lien, and to sell and assign any real estate liable for overduetaxes and deliver a collector's deed granting tax title thereto, and to selland assign any other tax titles on owner-occupied residential property of three(3) units or less previously acquired by the city or town. Sections 44-9-8 and44-9-9 of the general laws shall not apply to the sale, assignment and transferof real estate liable for overdue taxes pursuant to § 44-5-73.
(b) The cities and towns may make regulations for thepossession, management and sale or assignment, either individually or in bulk,of land purchased or taken for taxes, not inconsistent with law or the right ofredemption.
(c) The minimum sum paid for the assignment of any tax lienmay not be less than the tax due, plus accrued interest and expenses ofcollection or at a rate which may be discounted to reflect uncollectiblefactors.
(d) The collector of any city or town holding a tax title mayassign and transfer the tax title, individually or in bulk, with other taxtitles, either by public auction to the highest bidder or by direct sale.
(e) After complying with the provisions of § 44-9-8.3,the minimum sum paid for the assignment of a tax title may not be less than thetotal amount necessary for the redemption of each individual tax title sold andassigned or at a rate which may be discounted to reflect uncollectable factors.
(f) The collector may execute and deliver on behalf of thecity or town any instrument necessary in connection with the sale andassignment of the tax liens or tax titles, including, but not limited to,purchase and sale agreements, servicing agreements and trust agreements andaccept on behalf of the city or town appropriate consideration pursuant to theregulations.
(g) The assignee of the liens or tax titles shall have andpossess the same powers and rights at law and in equity as the city or towncollector would have if the lien had not been assigned with regard to thecollection of taxes, the precedence and priority of the lien, the accrual ofinterest and the fees and expenses of collections and the exemption fromliability for enforcement or penalties arising from violations of environmentalor minimum housing standards.
(h) The assignee has the same rights to enforce the liens asany private party holding a lien on real property.