Ultra Vires Question
Posted: Thu Dec 20, 2012 9:18 pm
Confused about Ultra Vires in America----I know w/ the British rule, the actions will be void, but what happens in America?
Most states have passed statutes repealing ultra vires as a defense. This is primarily to protect contractors and creditors from having otherwise legitimate business suddenly voided based on an archaic legal rule.
For example, NY BCL ยง 203 http://law.justia.com/codes/new-york/20 ... cle-2/203/