Terms Used In Rhode Island General Laws > Chapter 6A-2.1 > Part 1 - General Provisions

• Acquired entity: means the entity, all of one or more classes or series of interests of which are acquired in an interest exchange. See Rhode Island General Laws 7-12.1-1101
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Business: includes every trade, occupation, and profession. See Rhode Island General Laws 7-12.1-102
• Commercial fertilizer: means any substance containing one or more recognized plant nutrient(s) that is used for its plant nutrient content and that is designed for use or claimed to have value in promoting plant growth, except unmanipulated animal and vegetable manures, marl, lime, limestone, wood ashes and gypsum, and other products exempted by regulation of the director. See Rhode Island General Laws 2-7-3
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Rhode Island General Laws 6A-2.1-103
• 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.
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See Rhode Island General Laws 6A-2.1-103
• Contract: A legal written agreement that becomes binding when signed.
• Conversion: means a transaction authorized by § 7-12. See Rhode Island General Laws 7-12.1-1101
• Converting entity: means the domestic entity that approves a plan of conversion pursuant to § 7-12. See Rhode Island General Laws 7-12.1-1101
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Devise: To gift property by will.
• Director: means director of the department of environmental management or his or her authorized agent. See Rhode Island General Laws 2-7-3
• Distributional interest: means the right under an unincorporated entity's organic law and organic rules to receive distributions from the entity. See Rhode Island General Laws 7-12.1-1101
• Distributor: means any person who imports, consigns, manufactures, produces, compounds, mixes, or blends commercial fertilizer, or who offers for sale, sells, barters, or otherwise supplies commercial fertilizer in this state. See Rhode Island General Laws 2-7-3
• Domestication: means a transaction authorized by § 7-12. See Rhode Island General Laws 7-12.1-1101
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Finance lease: means a lease with respect to which:

  (i)  The lessor does not select, manufacture, or supply the goods;

  (ii)  The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii)  One of the following occurs:

  (A)  The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B)  The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C)  The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D)  If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Rhode Island General Laws 6A-2.1-103

• Foreign limited liability partnership: means a foreign partnership whose partners have limited liability for the debts, obligations, or other liabilities of the foreign partnership under a provision similar to § 7-12. See Rhode Island General Laws 7-12.1-102
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§?6A-2. See Rhode Island General Laws 6A-2.1-103
• Governance interest: means a right under the organic law or organic rules of an unincorporated entity, other than as a governor, agent, assignee, or proxy, to:

  (i)  Receive or demand access to information concerning, or the books and records of, the entity;

  (ii)  Vote for or consent to the election of the governors of the entity; or

  (iii)  Receive notice of or vote on or consent to an issue involving the internal affairs of the entity. See Rhode Island General Laws 7-12.1-1101

• Governor: means :

  (i)  A director of a business corporation;

  (ii)  A director or trustee of a nonprofit corporation;

  (iii)  A general partner of a general partnership;

  (iv)  A general partner of a limited partnership;

  (v)  A manager of a manager-managed limited liability company;

  (vi)  A member of a member-managed limited liability company;

  (vii)  A director of a general cooperative association;

  (viii)  A director of a limited cooperative association;

  (ix)  A manager of an unincorporated nonprofit association;

  (x)  A trustee of a statutory trust, business trust, or common-law business trust; or

  (xi)  Any other person under whose authority the powers of an entity are exercised and under whose direction the activities and affairs of the entity are managed pursuant to the organic law and organic rules of the entity. See Rhode Island General Laws 7-12.1-1101

• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest: means :

  (i)  A share in a business corporation;

  (ii)  A membership in a nonprofit corporation;

  (iii)  A partnership interest in a general partnership;

  (iv)  A partnership interest in a limited partnership;

  (v)  A membership interest in a limited liability company;

  (vi)  A share in a general cooperative association;

  (vii)  A member's interest in a limited cooperative association;

  (viii)  A membership in an unincorporated nonprofit association;

  (ix)  A beneficial interest in a statutory trust, business trust, or common-law business trust; or

  (x)  A governance interest or distributional interest in any other type of unincorporated entity. See Rhode Island General Laws 7-12.1-1101

• Interest exchange: means a transaction authorized by § 7-12. See Rhode Island General Laws 7-12.1-1101
• Interest holder: means :

  (i)  A shareholder of a business corporation;

  (ii)  A member of a nonprofit corporation;

  (iii)  A general partner of a general partnership;

  (iv)  A general partner of a limited partnership;

  (v)  A limited partner of a limited partnership;

  (vi)  A member of a limited liability company;

  (vii)  A shareholder of a general cooperative association;

  (viii)  A member of a limited cooperative association;

  (ix)  A member of an unincorporated nonprofit association;

  (x)  A beneficiary or beneficial owner of a statutory trust, business trust, or common-law business trust; or

  (xi)  Any other direct holder of an interest. See Rhode Island General Laws 7-12.1-1101

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Jurisdiction of formation: means the jurisdiction whose law governs the internal affairs of an entity. See Rhode Island General Laws 7-12.1-102
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Rhode Island General Laws 6A-2.1-103
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Rhode Island General Laws 6A-2.1-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Rhode Island General Laws 6A-2.1-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Rhode Island General Laws 6A-2.1-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Rhode Island General Laws 6A-2.1-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Rhode Island General Laws 6A-2.1-103
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Merger: means a transaction authorized by § 7-12. See Rhode Island General Laws 7-12.1-1101
• Merging entity: means an entity that is a party to a merger and exists immediately before the merger becomes effective. See Rhode Island General Laws 7-12.1-1101
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Organic law: means the law of an entity's jurisdiction of formation governing the internal affairs of the entity. See Rhode Island General Laws 7-12.1-1101
• Organic rules: means the public organic record and private organic rules of an entity. See Rhode Island General Laws 7-12.1-1101
• Partner: means a person that:

  (i)  Has become a partner in a partnership under § 7-12. See Rhode Island General Laws 7-12.1-102

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Partnership agreement: means the agreement, whether or not referred to as a partnership agreement and whether oral, implied, in a record, or in any combination thereof, of all the partners of a partnership concerning the matters described in § 7-12. See Rhode Island General Laws 7-12.1-102
• Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Rhode Island General Laws 7-12.1-102
• Person: includes individual, partnership, association, firm, and corporation. See Rhode Island General Laws 2-7-3
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Plan: means a plan of merger, plan of interest exchange, plan of conversion, or plan of domestication. See Rhode Island General Laws 7-12.1-1101
• Plan of conversion: means a plan under § 7-12. See Rhode Island General Laws 7-12.1-1101
• Plan of domestication: means a plan under § 7-12. See Rhode Island General Laws 7-12.1-1101
• Plan of interest exchange: means a plan under § 7-12. See Rhode Island General Laws 7-12.1-1101
• Plan of merger: means a plan under § 7-12. See Rhode Island General Laws 7-12.1-1101
• Private organic rules: means the rules, whether or not in a record, that govern the internal affairs of an entity, are binding on all its interest holders, and are not part of its public organic record, if any. See Rhode Island General Laws 7-12.1-1101
• Property: means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein. See Rhode Island General Laws 7-12.1-102
• Public organic record: means the record the filing of which by the secretary of state is required to form an entity and any amendment to or restatement of that record. See Rhode Island General Laws 7-12.1-1101
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Rhode Island General Laws 6A-2.1-103
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registrant: means the person who registers commercial fertilizer under the provisions of this chapter. See Rhode Island General Laws 2-7-3
• 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.
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Rhode Island General Laws 7-12.1-102
• Statute: A law passed by a legislature.
• Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Rhode Island General Laws 6A-2.1-103
• Surviving entity: means the entity that continues in existence after or is created by a merger. See Rhode Island General Laws 7-12.1-1101
• Trustee: A person or institution holding and administering property in trust.
• Type of entity: means a generic form of entity:

  (i)  Recognized at common law; or

  (ii)  Formed under an organic law, whether or not some entities formed under that organic law are subject to provisions of that law that create different categories of the form of entity. See Rhode Island General Laws 7-12.1-1101

• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}