Rhode Island General Laws 7-16-68. Limited-liability company property
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Real and personal property owned, purchased, or leased by a limited-liability company shall be held, owned, and conveyed in the limited-liability company name. Instruments and documents providing for the acquisition, mortgage or disposition of property of the limited-liability company are valid and binding on the limited-liability company if executed by one or more managers of a limited-liability company having a manager or managers or one or more members of a limited-liability company in which management has been retained in the members.
History of Section.
P.L. 1992, ch. 280, § 1; P.L. 1993, ch. 171, § 1.
Terms Used In Rhode Island General Laws 7-16-68
- Executed: means an original signature, facsimile, or an electronically transmitted signature submitted through a medium provided and authorized by the secretary of state. See Rhode Island General Laws 7-16-2
- Managers: means a person or persons designated by the members of a limited-liability company to manage the limited-liability company. See Rhode Island General Laws 7-16-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.