[§428-703] Dissociated member's power to bind the limited liability company.
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/hi/chapter-428/428-703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§428-703] Dissociated member's power to bind the limited liability company. Provided that the dissociation does not result in a dissolution and winding up of a limited liability company's business, for two years after a member dissociates from the company, the company, including a surviving company under part IX, shall be bound by an act of the dissociated member which would have bound the company under section 428-301 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 428-704. [L 1996, c 92, pt of §1]