Ariz. Rev. Stat. § 29-3803

Current through L. 2024, ch. 259

Section 29-3803 - Proper plaintiff

A person may maintain a derivative action to enforce a right of a limited liability company only if the person is a member at the time the action is commenced and either:

1. The person was a member when the conduct giving rise to the action occurred.

2. The person's status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from another person that was a member at the time of the conduct.

A.R.S. § 29-3803

Added by L. 2018, ch. 168,s. 4, eff. 9/1/2019.