Rhode Island General Laws 44-11-36. Liability of fiduciaries
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Any receiver, liquidator, trustee, trustee in bankruptcy, assignee, conservator, or other fiduciary conducting or liquidating the business or selling the assets of any corporation shall, except as provided in § 44-11-29(b), be subject to the provisions of and the tax imposed by this chapter in the same manner and to the same extent as if the business were being conducted or liquidated or the assets sold by the agents or officers of the corporation.
History of Section.
G.L. 1938, ch. 37, § 17; P.L. 1947, ch. 1887, art. 1, § 1; G.L. 1956, § 44-11-36.
Terms Used In Rhode Island General Laws 44-11-36
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.