Which statute addresses mortgage foreclosures in Rhode Island?

The statute that addresses mortgage foreclosures in Rhode Island is R.I. Gen. Laws § 34-11-1 et seq. This section encompasses the necessary legal framework for the foreclosure process, including the rights and obligations of both lenders and borrowers, as well as the procedures that must be followed during foreclosure.

This statute lays out the different types of foreclosure available in Rhode Island, including both judicial and non-judicial options, and establishes the legal basis for how each type should be conducted. It includes provisions about notifications, timelines, and other critical elements that govern the foreclosure process.

Understanding this statute is essential for anyone involved in mortgage transactions in Rhode Island, as it ensures compliance with the legal requirements necessary to initiate and complete a foreclosure properly.

While the other sections of the Rhode Island General Laws might address related topics, they do not specifically focus on the comprehensive aspects of mortgage foreclosures as defined in § 34-11-1 et seq. Thus, the selection of this statute speaks directly to the central issue of the foreclosure procedures that practitioners in the field need to know.