New Hampshire Revised Statutes 564-F:15-1501 – Liability of Foundation Officials and Beneficiaries to Third Parties
Current as of: 2023 | Check for updates
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(a) Subject to N.H. Rev. Stat. § 564-F:20-2007 and subsection (c), a foundation’s debts, obligations, and liabilities, whether arising in contract, tort, or otherwise, shall be solely the foundation’s debts, obligations, and liabilities.
(b) Subject to N.H. Rev. Stat. § 564-F:20-2007 and subsection (c), a founder, foundation official, or beneficiary shall not be personally liable for any of the foundation’s debts, obligations, and liabilities solely by reason of being a founder, foundation official, or beneficiary.
(c) A founder, foundation official, or beneficiary may agree to be personally liable for any or all of the foundation’s debts, obligations, and liabilities.
(b) Subject to N.H. Rev. Stat. § 564-F:20-2007 and subsection (c), a founder, foundation official, or beneficiary shall not be personally liable for any of the foundation’s debts, obligations, and liabilities solely by reason of being a founder, foundation official, or beneficiary.
Terms Used In New Hampshire Revised Statutes 564-F:15-1501
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(c) A founder, foundation official, or beneficiary may agree to be personally liable for any or all of the foundation’s debts, obligations, and liabilities.