Haw. Rev. Stat. § 428-703

Current through Chapter 253 of the 2024 Legislative Session

Section 428-703 - Dissociated member's power to bind the limited liability company

Provided that the dissociation does not result in a dissolution and winding up of a limited liability company's business, for two years after a member dissociates from the company, the company, including a surviving company under part IX, shall be bound by an act of the dissociated member which would have bound the company under section 428-301 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 428-704.

HRS § 428-703

L 1996, c 92, pt of §1