Maine Revised Statutes > Title 31 > Chapter 21 > Subchapter 1 – General Provisions
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Terms Used In Maine Revised Statutes > Title 31 > Chapter 21 > Subchapter 1 - General Provisions
- 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.
- Articles of organization: means the articles described in former chapter 13, section 622. See Maine Revised Statutes Title 31 Sec. 1502
- 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.
- Certificate of formation: means the certificate described in section 1531, and the certificate as amended or restated. See Maine Revised Statutes Title 31 Sec. 1502
- 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.
- Constituent limited liability company: means a constituent organization that is a limited liability company. See Maine Revised Statutes Title 31 Sec. 1502
- Constituent organization: means an organization that is party to a merger. See Maine Revised Statutes Title 31 Sec. 1502
- Contract: A legal written agreement that becomes binding when signed.
- Converted organization: means the organization into which a converting organization converts pursuant to sections 1645 to 1648. See Maine Revised Statutes Title 31 Sec. 1502
- Converting limited liability company: means a converting organization that is a limited liability company. See Maine Revised Statutes Title 31 Sec. 1502
- Converting organization: means an organization that converts into a converted organization pursuant to section 1645. See Maine Revised Statutes Title 31 Sec. 1502
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Distribution: except as otherwise provided in section 1555, subsection 4, means a transfer of money or other property from a limited liability company to another person on account of a transferable interest. See Maine Revised Statutes Title 31 Sec. 1502
- Electronic transmission: means any process of communication that does not directly involve the physical transfer of paper and that is suitable for the retention, retrieval and reproduction of information by the recipient. See Maine Revised Statutes Title 31 Sec. 1502
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Foreign limited liability company: means an organization that is:
A. See Maine Revised Statutes Title 31 Sec. 1502Foreign organization: means an organization that is formed under the laws of a jurisdiction other than this State. See Maine Revised Statutes Title 31 Sec. 1502 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governing statute: means the statute that governs an organization's internal affairs. See Maine Revised Statutes Title 31 Sec. 1502 in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 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. 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Limited liability company agreement: means any agreement, whether referred to as a limited liability company agreement, operating agreement or otherwise, written, oral or implied, of the member or members as to the affairs of a limited liability company and the conduct of its activities. See Maine Revised Statutes Title 31 Sec. 1502 Low-profit limited liability company: means a limited liability company that satisfies the requirements of section 1611. See Maine Revised Statutes Title 31 Sec. 1502 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Member: means a person that has been admitted as a member of a limited liability company under section 1551. See Maine Revised Statutes Title 31 Sec. 1502 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Organization: means , whether domestic or foreign: a partnership, whether general or limited; a limited liability company; a business trust; an association; a corporation; a professional corporation; a professional association; a nonprofit corporation; a government, including a state, county or any other governmental subdivision, agency or instrumentality; or other entity. See Maine Revised Statutes Title 31 Sec. 1502 Organizational documents: means :
A. See Maine Revised Statutes Title 31 Sec. 1502Partnership: 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. Person: means , whether domestic or foreign: an individual; a partnership, whether general or limited; a limited liability company; a trust; a business trust; an estate; an association; a corporation; a professional corporation; a professional association; a nonprofit corporation; a government, including a country, state, county or any other governmental subdivision, agency or instrumentality; a custodian; a nominee; a trustee; a personal representative; a fiduciary; or any other individual or entity, or series thereof, in its own or any representative capacity. See Maine Revised Statutes Title 31 Sec. 1502 Plaintiff: The person who files the complaint in a civil lawsuit. Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in written or paper form. See Maine Revised Statutes Title 31 Sec. 1502 Secretary of State: means the Secretary of State for this State. See Maine Revised Statutes Title 31 Sec. 1502 Sign: means , with the present intent to authenticate or adopt a record:
A. See Maine Revised Statutes Title 31 Sec. 1502State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 31 Sec. 1502 Statement of authority: means a statement described in section 1542, subsection 1. See Maine Revised Statutes Title 31 Sec. 1502 Statute: A law passed by a legislature. Surviving organization: means an organization into which one or more other organizations are merged whether the organization preexisted the merger or was created by the merger. See Maine Revised Statutes Title 31 Sec. 1502 Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift and transfer by operation of law. See Maine Revised Statutes Title 31 Sec. 1502 Transferable interest: means the right, as originally associated with a person's capacity as a member, to receive distributions from a limited liability company in accordance with the limited liability company agreement, whether or not the person remains a member or continues to own any part of the right. See Maine Revised Statutes Title 31 Sec. 1502 Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a member. See Maine Revised Statutes Title 31 Sec. 1502 Trustee: A person or institution holding and administering property in trust. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72