Revision: Dec. 2, 2019, 2:10 p.m.
HB 1302 - AS INTRODUCED
2020 SESSION
20-2173
11/06
HOUSE BILL 1302
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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
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.