31 §644. Limited liability company liable for member's or manager's actionable conduct; misapplication (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 3: RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH A LIMITED LIABILITY COMPANY
§644. Limited liability company liable for member's or manager's actionable conduct; misapplication
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Actionable conduct. A limited liability company is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a member or manager acting in the ordinary course of business of the limited liability company or with the authority of the limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Misapplication of money or property. If, in the course of its business, a limited liability company receives money or property of a person not a member that is misapplied by a member or a manager while it is in the custody of the limited liability company, the limited liability company is liable for the loss.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).