State Codes and Statutes
Statutes > Rhode-island > Title-44 > Chapter-44-11 > 44-11-29SECTION 44-11-29
§ 44-11-29 Notice to tax administrator ofsale of assets – Tax due. – (a) The sale or transfer of the major part in value of the assets of a domesticcorporation, or of the major part in value of the assets situated in this stateof a foreign corporation, other than in the ordinary course of trade and in theregular and usual prosecution of the corporation's business, and the sale ortransfer of the major part in value of the assets of a domestic corporation, orof the major part in value of the assets situated in this state of a foreigncorporation which is engaged in the business of buying, selling, leasing,renting, managing, or dealing in real estate, shall be fraudulent and void asagainst the state unless the corporation shall, at least five (5) days beforethe sale or transfer, notify the tax administrator of the proposed sale ortransfer and of the price, terms, and conditions the sale or transfer and ofthe character and location of the assets. Whenever a corporation shall makesuch a sale or transfer, the tax imposed by this chapter shall become due andpayable at the time when the tax administrator is notified, or, if he or she isnot notified, at the time when he or she should have been notified.
(b) This section shall not apply to sales by receivers,assignees under a voluntary assignment for the benefit of creditors, trusteesin bankruptcy, or public officers acting under judicial process.
