West Virginia § 31B-7-703 Dissociated member's power to bind limited liability company

West Virginia Statutes

§ 31B-7-703 — Dissociated member's power to bind limited liability company

West Virginia·Ch. 31B UNIFORM LIMITED LIABILITY COMPANY ACT·Art. 7 MEMBER'S DISSOCIATION WHEN BUSINESS NOT WOUND UP

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 nine of this chapter, is bound by an act of the dissociated member which would have bound the company under section 3-301 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 7-704.

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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 nine of this chapter, is bound by an act of the dissociated member which would have bound the company under section 3-301 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 7-704.

West Virginia § 31B-7-703 (Dissociated member's power to bind limited liability company) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.