Terms Used In Rhode Island General Laws > Chapter 7-13.1 > Part 7 - Transferable Interests and Rights of Transferees and Creditors [Effective January 1, 2023.]

• 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.
• Distribution: means a transfer of money or other property from a limited partnership to a person on account of a transferable interest or in the person's capacity as a partner. See Rhode Island General Laws 7-13.1-102
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited partner: means a person that:

  (i)  Has become a limited partner under § 7-13. See Rhode Island General Laws 7-13.1-102

• Partner: means a limited partner or general partner. See Rhode Island General Laws 7-13.1-102
• 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 limited partnership concerning the matters described in § 7-13. See Rhode Island General Laws 7-13.1-102
• Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated nonprofit association, cooperative housing corporation, workers' cooperative, producers' cooperative, consumer's cooperative, 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 7-13.1-102
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Required information: means the information that a limited partnership is required to maintain under § 7-13. See Rhode Island General Laws 7-13.1-102
• Transfer: includes :

  (i)  An assignment;

  (ii)  A conveyance;

  (iii)  A sale;

  (iv)  A lease;

  (v)  An encumbrance, including a mortgage or security interest;

  (vi)  A gift; and

  (vii)  A transfer by operation of law. See Rhode Island General Laws 7-13.1-102

• Transferable interest: means the right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a limited partnership, whether or not the person remains a partner or continues to own any part of the right. See Rhode Island General Laws 7-13.1-102
• Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Rhode Island General Laws 7-13.1-102