Section 10.50.130. Limitation of member fiduciary duty.

Latest version.

Unless otherwise provided in an operating agreement of the company, if a person is a member of a limited liability company that is managed by a manager and if the person is not a manager, the person does not have the fiduciary duty of a manager to the company or to the other members of the company when the person acts solely in the capacity of a member.

Notes

History

(Sec. 1 ch 99 SLA 1994)

                    
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