S.C. Code § 33-44-703

Current through 2024 Act No. 209.

Section 33-44-703 - Dissociated member's power to bind limited liability company

For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under Section 33-44-301 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 33-44-704.

S.C. Code § 33-44-703

1996 Act No. 343, Section 2.