Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 3: RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH A LIMITED LIABILITY COMPANY ENACTED BY PL 1993, C. 718, PT. A,
§1
§644. Limited liability company liable for member's or manager's actionable conduct; misapplication
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).
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