§ 7-9-7. Estoppel of corporation to deny authority.
Any company that makes, signs, seals, executes, acknowledges, or delivers any bond, guaranty, undertaking, or other obligation of record in this state, or that enters into any recognizance or other obligation of record whatsoever in this state, under the provisions of §§ 7-9-1 — 7-9-7, is estopped, in any proceedings to enforce the liability which it has assumed to incur, to deny its corporate power to make, sign, seal, execute, acknowledge, or deliver the bond, guaranty, undertaking, or other obligation, or to enter into the recognizance or other obligation of record.
History of Section.G.L. 1896, ch. 186, § 3; P.L. 1902, ch. 1053, § 1; G.L. 1909, ch. 226, § 3; P.L. 1911, ch. 667, § 1; G.L. 1923, ch. 264, § 3; G.L. 1938, ch. 119, § 3; G.L. 1956, § 7-9-7.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-9 - Additional Powers of Corporations
Section 7-9-1. - Power to enter guaranty and suretyship contracts.
Section 7-9-2. - Power to execute bonds and obligations.
Section 7-9-3. - Acceptance of corporate bond as sole surety.
Section 7-9-4. - Purpose of provisions.
Section 7-9-5. - Allowance of bonding costs in accounts.
Section 7-9-6. - Premiums for bonds payable to state.