Rhode Island General Laws 42-64.10-8. Liability of the corporation
The corporation is, subject to the period of limitations set forth in § 9-1-25, liable in actions of tort only to the extent that those actions do not arise from the performance of any functions found or deemed to be essential or discretionary governmental functions. Any recovery in an action or any recovery by any person in one or more of any actions against the corporation, its directors, employees, or agents, shall not exceed one hundred thousand dollars ($100,000) per plaintiff in the absence of fraud or willful misconduct. In the absence of fraud or willful misconduct, the directors are not personally liable to any party on account of any action (whether tort or otherwise) arising from or related to the manner or terms of the disposition of the corporation’s assets, nor shall the manner or terms of the disposition constitute a defense to any obligation owed to the corporation.
History of Section.
P.L. 2004, ch. 351, § 3; P.L. 2004, ch. 360, § 3.
Terms Used In Rhode Island General Laws 42-64.10-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Corporation: means the Quonset Development Corporation. See Rhode Island General Laws 42-64.10-4
- Fraud: Intentional deception resulting in injury to another.
- 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.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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.