South Carolina § 33-44-703 Dissociated member's power to bind limited liability company.

South Carolina Statutes

§ 33-44-703 — Dissociated member's power to bind limited liability company.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 44 UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996

For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under Section 33-44-301 before dissociation only if at the time of entering into the transaction the other party:

(1)reasonably believed that the dissociated member was then a member;

(2)did not have notice of the member's dissociation; and (3) is not deemed to have had notice under Section 33-44-704.

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For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under Section 33-44-301 before dissociation only if at the time of entering into the transaction the other party: (1) reasonably believed that the dissociated member was then a member; (2) did not have notice of the member's dissociation; and (3) is not deemed to have had notice under Section 33-44-704.

South Carolina § 33-44-703 (Dissociated member's power to bind limited liability company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.