Maine Revised Statutes > Title 31 > Chapter 21 – Limited Liability Companies
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Terms Used In Maine Revised Statutes > Title 31 > Chapter 21 - Limited Liability Companies
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Articles of organization: means the articles described in former chapter 13, section 622. See Maine Revised Statutes Title 31 Sec. 1502
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Certificate of formation: means the certificate described in section 1531, and the certificate as amended or restated. See Maine Revised Statutes Title 31 Sec. 1502
- Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
- Commissioner: means the Commissioner of Agriculture, Conservation and Forestry or the commissioner's duly authorized agent. See Maine Revised Statutes Title 7 Sec. 1751
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Constituent limited liability company: means a constituent organization that is a limited liability company. See Maine Revised Statutes Title 31 Sec. 1502
- Constituent organization: means an organization that is party to a merger. See Maine Revised Statutes Title 31 Sec. 1502
- Continuance: Putting off of a hearing ot trial until a later time.
- Converted organization: means the organization into which a converting organization converts pursuant to sections 1645 to 1648. See Maine Revised Statutes Title 31 Sec. 1502
- Converting limited liability company: means a converting organization that is a limited liability company. See Maine Revised Statutes Title 31 Sec. 1502
- Converting organization: means an organization that converts into a converted organization pursuant to section 1645. See Maine Revised Statutes Title 31 Sec. 1502
- Debtor in bankruptcy: means a person that is the subject of:
A. See Maine Revised Statutes Title 31 Sec. 1502Deed: The legal instrument used to transfer title in real property from one person to another. Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Distribution: except as otherwise provided in section 1555, subsection 4, means a transfer of money or other property from a limited liability company to another person on account of a transferable interest. See Maine Revised Statutes Title 31 Sec. 1502 Domestic animals: means cattle, equines, goats, sheep, swine, cats, dogs, domesticated cervids or other domesticated animals; large game as defined in section 1341, subsection 5; and poultry. See Maine Revised Statutes Title 7 Sec. 1751 Donor: The person who makes a gift. Electronic transmission: means any process of communication that does not directly involve the physical transfer of paper and that is suitable for the retention, retrieval and reproduction of information by the recipient. See Maine Revised Statutes Title 31 Sec. 1502 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Fiduciary: A trustee, executor, or administrator. Foreign limited liability company: means an organization that is:
A. See Maine Revised Statutes Title 31 Sec. 1502Foreign organization: means an organization that is formed under the laws of a jurisdiction other than this State. See Maine Revised Statutes Title 31 Sec. 1502 Governing statute: means the statute that governs an organization's internal affairs. See Maine Revised Statutes Title 31 Sec. 1502 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Limited liability company agreement: means any agreement, whether referred to as a limited liability company agreement, operating agreement or otherwise, written, oral or implied, of the member or members as to the affairs of a limited liability company and the conduct of its activities. See Maine Revised Statutes Title 31 Sec. 1502 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Low-profit limited liability company: means a limited liability company that satisfies the requirements of section 1611. See Maine Revised Statutes Title 31 Sec. 1502 majority of the members: means members who own more than 50% of the interests in the profits of the limited liability company owned by all of the members or by the members in each class or group, as appropriate. See Maine Revised Statutes Title 31 Sec. 1502 Member: means a person that has been admitted as a member of a limited liability company under section 1551. See Maine Revised Statutes Title 31 Sec. 1502 Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Organization: means , whether domestic or foreign: a partnership, whether general or limited; a limited liability company; a business trust; an association; a corporation; a professional corporation; a professional association; a nonprofit corporation; a government, including a state, county or any other governmental subdivision, agency or instrumentality; or other entity. See Maine Revised Statutes Title 31 Sec. 1502 Organizational documents: means :
A. See Maine Revised Statutes Title 31 Sec. 1502Oversight: Committee review of the activities of a Federal agency or program. Person: means , whether domestic or foreign: an individual; a partnership, whether general or limited; a limited liability company; a trust; a business trust; an estate; an association; a corporation; a professional corporation; a professional association; a nonprofit corporation; a government, including a country, state, county or any other governmental subdivision, agency or instrumentality; a custodian; a nominee; a trustee; a personal representative; a fiduciary; or any other individual or entity, or series thereof, in its own or any representative capacity. See Maine Revised Statutes Title 31 Sec. 1502 Personal property: All property that is not real property. Poultry: means all domesticated birds. See Maine Revised Statutes Title 7 Sec. 1751 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in written or paper form. See Maine Revised Statutes Title 31 Sec. 1502 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired. Secretary of State: means the Secretary of State for this State. See Maine Revised Statutes Title 31 Sec. 1502 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Sign: means , with the present intent to authenticate or adopt a record:
A. See Maine Revised Statutes Title 31 Sec. 1502State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 31 Sec. 1502 Statement of authority: means a statement described in section 1542, subsection 1. See Maine Revised Statutes Title 31 Sec. 1502 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Summons: Another word for subpoena used by the criminal justice system. Surviving organization: means an organization into which one or more other organizations are merged whether the organization preexisted the merger or was created by the merger. See Maine Revised Statutes Title 31 Sec. 1502 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift and transfer by operation of law. See Maine Revised Statutes Title 31 Sec. 1502 Transferable interest: means the right, as originally associated with a person's capacity as a member, to receive distributions from a limited liability company in accordance with the limited liability company agreement, whether or not the person remains a member or continues to own any part of the right. See Maine Revised Statutes Title 31 Sec. 1502 Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a member. See Maine Revised Statutes Title 31 Sec. 1502 User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services. Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.