(a) No interest of the authority in any property, real or personal, is subject to sale by the foreclosure of a mortgage on it, either through judicial proceedings or the exercise of a power of sale contained in the mortgage, except in the case of the mortgages provided for in § 45-27-10. All property of the authority is exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the authority.
(b) No judgment against the authority shall be a charge or lien upon its property, real or personal. The provisions of this section do not apply to or limit the right of obligees to foreclose any mortgage of the authority provided for in § 45-27-10 and, in the case of a foreclosure sale, to obtain a judgment or decree for any deficiency due on the indebtedness secured by it and issued on the credit of the authority. The deficiency judgment or decree shall be a lien and charge upon the property of the authority, which may be levied on and sold by virtue of an execution or other judicial process for the purpose of satisfying that deficiency judgment or decree.
History of Section.
P.L. 1935, ch. 2255, § 20; G.L. 1938, ch. 344, § 20; G.L. 1956, § 45-27-14.