48-2c-603 - Waiver of exceptions to limited liability.
48-2c-603. Waiver of exceptions to limited liability.
The liabilities of a member described in Subsection 48-2c-602(2), (3), or (6) may bewaived or compromised upon the consent of all other members. Any such waiver or compromisedoes not affect the rights of a creditor of the company:
(1) who extended credit in reliance on any representation as to the financial condition ofthe company prior to a distribution described in Subsection 48-2c-602(6) and without notice ofsuch waiver or compromise; or
(2) whose claim arose prior to, and without notice of, such waiver or compromise.
Enacted by Chapter 260, 2001 General Session