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§ 23-105. Covenant of good faith and fair dealing; implied duties

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 23. Operating Agreements--Hotels and Retirement Communities
MD Code, Commercial Law, § 23-105
§ 23-105. Covenant of good faith and fair dealing; implied duties
(a) The covenant of good faith and fair dealing shall be implied in an operating agreement unless the operating agreement states that a party may perform a duty or obligation in the party's sole discretion.
(b) Unless an operating agreement contains a covenant or other provision that specifically incorporates a duty into the operating agreement, no duties shall be implied under the operating agreement.

Credits

Added by Acts 2004, c. 292, § 1, eff. Oct. 1, 2004.
MD Code, Commercial Law, § 23-105, MD COML § 23-105
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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