HB1302 (2020) Detail

Relative to the authority of limited liability company members or managers to execute real property transactions.


HB 1302 - AS INTRODUCED

 

 

2020 SESSION

20-2173

11/06

 

HOUSE BILL 1302

 

AN ACT relative to the authority of limited liability company members or managers to execute real property transactions.

 

SPONSORS: Rep. Harb, Rock. 14

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill clarifies the authority of members and managers of limited liability companies to execute real property transactions.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2173

11/06

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT relative to the authority of limited liability company members or managers to execute real property transactions.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Paragraph; Limited Liability Companies; Agency Power of Members and Managers.  Amend RSA 304-C:52 by inserting after paragraph IV the following new paragraph:

V.  Notwithstanding any inconsistent provisions of a limited liability company's operating agreement, side agreements among members or managers, by-laws or rules, resolutions, or votes of the limited liability company, any recordable instrument purporting to affect an interest in real property executed in the name of a limited liability company by any member or manager identified on the certificate of organization as a person authorized to execute, acknowledge, deliver, and record recordable instruments affecting interests in real property shall be binding on the limited liability company in favor of a seller, purchaser, grantor, grantee, lessor, lessee, mortgagor, mortgagee, or any other person relying in good faith on such instrument.  For purposes of this paragraph, "interest in real property" includes but is not limited to any deed, lease, notice of lease, mortgage, discharge or release or mortgage, assignment of mortgage, easement and certificate of fact.

2  Effective Date.  This act shall take effect 60 days after its passage.

Links

HB1302 at GenCourtMobile
HB1302 Discussion

Action Dates

Date Body Type
Jan. 22, 2020 House Hearing
March 3, 2020 House Exec Session
House Floor Vote
March 11, 2020 House Floor Vote

Bill Text Revisions

HB1302 Revision: 6984 Date: Dec. 2, 2019, 2:10 p.m.

Docket

Date Status
Jan. 8, 2020 Introduced 01/08/2020 and referred to Commerce and Consumer Affairs HJ 1 P. 17
Jan. 22, 2020 Public Hearing: 01/22/2020 01:30 pm LOB 302
Feb. 14, 2020 Subcommittee Work Session: 02/14/2020 01:00 pm LOB 302
March 3, 2020 Executive Session: 03/03/2020 10:30 am LOB 302
March 11, 2020 Committee Report: Inexpedient to Legislate for 03/11/2020 (Vote 19-0; CC) HC 10 P. 5
Committee Report: Inexpedient to Legislate (Vote 19-0; CC)
March 11, 2020 Inexpedient to Legislate: MA VV 03/11/2020 HJ 7 P. 6