Rhode Island Surplus Funds Laws
How mortgage foreclosure surplus, tax sale surplus and unclaimed funds work in Rhode Island.
Mortgage foreclosure surplus
R.I. Gen. Laws § 34-11-22 supplies the statutory power-of-sale mortgage form and expressly requires the mortgagee to render an accounting and pay surplus to the mortgagor or successors after secured sums and sale expenses. Section 34-27-4 concerns sale notice. Section 34-11-22 states no fixed post-sale owner surplus-claim cutoff. Request the accounting and payment promptly; a civil action may be necessary if the mortgagee fails to pay. Foreclosure sale timing is a separate issue.
Tax sale surplus
R.I. Gen. Laws § 44-9-37 governs surplus from a municipal tax-property “sale without foreclosure”; the balance is deposited with the city or town treasurer for the person entitled. The entitled person must demand this § 44-9-37 surplus within five years; otherwise it goes to the city or town. The one-year waiting period before a purchaser may petition to foreclose tax redemption rights under § 44-9-25 is separate.
Unclaimed funds
Rhode Island Unclaimed Intangible and Tangible Property Act, R.I. Gen. Laws ch. 33-21.1; § 33-21.1-24 governs owner claims with the administrator. Section 33-21.1-24 states no fixed general initial owner-claim cutoff for property in state custody. The five-year municipal tax-surplus limit under § 44-9-37 is a separate rule.
Statute text
Links to the statutes referenced in our research. These may be third-party copies of older code editions, so check the current official code before relying on them.
