§ 8824. Liability of member, manager or other person for false or missing information in filed ...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Effective: February 21, 2017
15 Pa.C.S.A. § 8824
§ 8824. Liability of member, manager or other person for false or missing information in filed document
(a) General rule.--If a document delivered to the department for filing under this title and filed by the department contains a materially false statement or fails to state a material fact required to be stated, a person that suffers loss by reasonable reliance on the statement or failure to state a material fact may recover damages for the loss from:
(b) Substitute responsibility.--To the extent the operating agreement of a member-managed limited liability company expressly relieves a member of responsibility for maintaining the accuracy of information contained in documents delivered on behalf of the company to the department for filing under this chapter and imposes that responsibility on one or more other members, the liability stated under subsection (a)(2) applies to those other members and not to the member that the operating agreement relieves of the responsibility.
Credits
2016, Nov. 21, P.L. 1328, No. 170, § 29, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8824, PA ST 15 Pa.C.S.A. § 8824
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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