S.D. Codified Laws § 47-34A-604

Current through the 2024 Legislative Session

Section 47-34A-604 - 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 § 47-34A-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 § 47-34A-605.

SDCL 47-34A-604

SL 1998, ch 272, §604.