§ 31 §1507 — Rules of construction

1.
Freedom of contract.
It is the policy of this chapter and this State to give maximum effect to the principles of freedom of contract and to the enforceability of limited liability company agreements.
2.
Principles of law and equity.
Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
3.
No application.
Rules that statutes in derogation of the common law are to be strictly construed do not apply to this chapter.
4.
Subject to amendment or repeal.
A limited liability company and a foreign limited liability company are subject to any amendment or repeal of this chapter.
5.
Assignments.

Title 11, sections 9‑1406 and 9‑1408 do not apply to any interest in a limited liability company, including all rights, powers and interests arising under a limited liability company agreement or this chapter. This subsection prevails over Title 11, sections 9‑1406 and 9‑1408 and is intended to permit the enforcement of the provisions of a limited liability company agreement that would otherwise be ineffective under Title 11, sections 9‑1406 and 9‑1408.

Legislative History

PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF).