Sec. 10.50.260. Limited liability company charged with knowledge of or notice to member or manager.

290 words·~1 min read·/ak/title-10/chapter-50/10-50-260·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as provided in

(b)and

(c)of this section, and except for a fraud on the company committed by or with the consent of the member who has the knowledge or receives the notice, the following operate as notice to or knowledge of a limited liability company:

(1)notice given to a company member of a matter relating to the affairs of the company;

(2)the knowledge of a company member acting in the particular matter, whether acquired while a member or known at the time of becoming a member; and

(3)the knowledge of a company member who reasonably could and should have communicated the knowledge to a member acting in the particular matter.

(b)If the company is managed by a manager, the following operate as notice to or knowledge of a limited liability company, except for a fraud on the company committed by or with the consent of the manager who has the knowledge or receives the notice:

(1)notice given to a manager of a matter relating to the affairs of the limited liability company;

(2)the knowledge of the manager acting in the particular matter, acquired while a manager or known at the time of becoming a manager; and

(3)the knowledge of a company manager who reasonably could and should have communicated the knowledge to the manager acting in the particular matter.

(c)If the company is managed by a manager, notice to, or the knowledge of, a member of a limited liability company while the member is acting solely in the capacity of a member does not operate as notice to or knowledge of the company.