South Dakota § 47-34A-804 Member's or manager's power and liability as agent after dissolution.

South Dakota Statutes

§ 47-34A-804 — Member's or manager's power and liability as agent after dissolution.

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

(a)A limited liability company is bound by a member's or manager's act after dissolution that:

(1)Is appropriate for winding up the company's business; or (2) Would have bound the company under § 47-34A-301 before dissolution, if the other party to the transaction did not have notice of the dissolution.

(b)A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company's business is liable to the company for any damage caused to the company arising from the liability.

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(a) A limited liability company is bound by a member's or manager's act after dissolution that: (1) Is appropriate for winding up the company's business; or (2) Would have bound the company under § 47-34A-301 before dissolution, if the other party to the transaction did not have notice of the dissolution. (b) A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company's business is liable to the company for any damage caused to the company arising from the liability.

South Dakota § 47-34A-804 (Member's or manager's power and liability as agent after dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.