§ 30-25-403 — LIABILITY FOR CONTRIBUTIONS

Idaho § 30-25-403

• Jurisdiction: Idaho
• Title 30: CORPORATIONS
• Part 4: RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
• Ch. 25: LIMITED LIABILITY COMPANIES

Text

(a) A person’s obligation to make a contribution to a limited liability company is not excused by the person’s death, disability, termination, or other inability to perform personally.
(b) If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited liability company to contribute money equal to the value of the part of the contribution which has not been made.
(c) The obligation of a person to make a contribution may be compromised only by the affirmative vote of consent of all the members. If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.

Legislative History

[30-25-403, added 2015, ch. 243, sec. 46, p. 880.]