Maine § 31 §1521 Limited liability company agreement; scope, function and limitations

Maine Statutes

§ 31 §1521 — Limited liability company agreement; scope, function and limitations

Maine § 31 §1521

Title 31PARTNERSHIPS AND ASSOCIATIONS

Ch. 21LIMITED LIABILITY COMPANIES

This text of Maine § 31 §1521 (Limited liability company agreement; scope, function and limitations) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 31, § 31 §1521 (2026).

Text

1.Agreement governs. Except as otherwise provided in subsection 3 and section 1522, the limited liability company agreement governs relations among the members as members and between the members and the limited liability company.

2.When agreement does not otherwise provide. To the extent the limited liability company agreement does not otherwise provide for a matter described in subsection 1, this chapter governs the matter.

3.Expansion, restriction or elimination of duties. Except as provided in section 1611, a member's or other person's duties may be expanded, restricted or eliminated as provided in this subsection.

4.No liability for good faith reliance on agreement. Unless otherwise provided in a limited liability company agreement, a member or other person is not liable to a limit

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1.
Agreement governs.
Except as otherwise provided in subsection 3 and section 1522, the limited liability company agreement governs relations among the members as members and between the members and the limited liability company.
2.
When agreement does not otherwise provide.
To the extent the limited liability company agreement does not otherwise provide for a matter described in subsection 1, this chapter governs the matter.
3.
Expansion, restriction or elimination of duties.
Except as provided in section 1611, a member's or other person's duties may be expanded, restricted or eliminated as provided in this subsection.
4.
No liability for good faith reliance on agreement.
Unless otherwise provided in a limited liability company agreement, a member or other person is not liable to a limited liability company or to another member or to another person that is a party to or is otherwise bound by a limited liability company agreement for breach of fiduciary duty for the member's or other person's good faith reliance on the provisions of the limited liability company agreement.