Rhode Island General Laws 7-16-68. Limited liability company property
Current as of: 2024 | Check for updates
|
Other versions
Real and personal property owned, purchased, or leased by a limited liability company shall be held, owned, and conveyed in the limited liability company name. Instruments and documents providing for the acquisition, mortgage or disposition of property of the limited liability company are valid and binding on the limited liability company if executed by one or more managers of a limited liability company having a manager or managers or one or more members of a limited liability company in which management has been retained in the members.
History of Section.
P.L. 1992, ch. 280, § 1; P.L. 1993, ch. 171, § 1.
Terms Used In Rhode Island General Laws 7-16-68
- Executed: means an original signature, facsimile, or an electronically transmitted signature submitted through a medium provided and authorized by the secretary of state. See Rhode Island General Laws 7-16-2
- Managers: means a person or persons designated by the members of a limited liability company to manage the limited liability company. See Rhode Island General Laws 7-16-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.