South Dakota § 47-34A-604 Dissociated member's power to bind limited liability company.

South Dakota Statutes

§ 47-34A-604 — Dissociated member's power to bind limited liability company.

South Dakota·Title 47 CORPORATIONS·Ch. 47-34 UNIFORM LIMITED LIABILITY COMPANY ACT

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 § 47-34A-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 § 47-34A-605 .

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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 § 47-34A-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 § 47-34A-605 .

South Dakota § 47-34A-604 (Dissociated member's power to bind limited liability company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.