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2017 Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 16 - Mississippi Registration of Foreign Business Trusts Act
§ 79-16-31. Consequences of transacting business without authority
Universal Citation: MS Code § 79-16-31 (2017)
- (1) A foreign business trust transacting business in this state without a certificate of authority may not maintain a proceeding in any court in this state until it obtains a certificate of authority.
- (2) The successor to a foreign business trust that transacted business in this state without a certificate of authority and the assignee of a cause of action arising out of that business may not maintain a proceeding based on that cause of action in any court in this state until the foreign business trust or its successor obtains a certificate of authority.
- (3) A court may stay a proceeding commenced by a foreign business trust, its successor or assignee until it determines whether the foreign business trust or its successor requires a certificate of authority. If it so determines, the court may further stay a proceeding until the foreign business trust or its successor obtains a certificate.
- (4) A foreign business trust is liable for a civil penalty of Ten Dollars ($ 10.00) for each day, but not to exceed a total of One Thousand Dollars ($ 1,000.00) for each year it transacts business in this state without a certificate of authority. The Attorney General may collect all penalties due under this subsection.
- (5) Notwithstanding subsections (1) and (2), the failure of a foreign business trust to obtain a certificate of authority does not impair the validity of its acts or prevent it from defending any proceeding in this state.
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