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Code · California · Corporations Code

§ 17702.07

308 words·~1 min read·/ca/corporations-code/17702-07

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

(a)If a record delivered to the Secretary of State for filing under this title and filed by the Secretary of State contains inaccurate information, a person that suffers a loss by reliance on the information may recover damages for the loss from the following:
(1)A person that signed the record, or caused another to sign it on the person’s behalf, and knew the information to be inaccurate at the time the record was signed.
(2)Subject to subdivision (b), a member of a member-managed limited liability company or the manager of a manager-managed limited liability company, if all of the following apply:
(A)The record was delivered for filing on behalf of the limited liability company.
(B)The member or manager had notice of the inaccuracy for a reasonably sufficient time before the information was relied upon so that, before the reliance, the member or manager reasonably could have done all of the following:
(i)Effected an amendment under Section 17702.02.
(ii)Filed a petition under Section 17702.04.
(iii)Delivered to the Secretary of State for filing a statement of information under Section 17701.14 or a certificate of correction under Section 17702.06.
(b)To the extent that the operating agreement of a member-managed limited liability company expressly relieves a member of responsibility for maintaining the accuracy of information contained in records delivered on behalf of the limited liability company to the Secretary of State for filing under this title and imposes that responsibility on one or more other members, the liability stated in paragraph
(2)of subdivision
(a)applies to those other members and not to the member that the operating agreement relieves of the responsibility.
(c)An individual who signs a record authorized or required to be filed under this title affirms under penalty of perjury that the information stated in the record is accurate.
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