17-7697.   Reliance on reports and information bymember or manager.A member or manager of a limited liability company shall befully protected inrelying in good faith upon the records of the limited liability company andupon such information,opinions, reports or statements presented to the limited liability company byany of its othermanagers, members, officers, employees or committees of the limited liabilitycompany, or by anyother person, as to matters the member or manager reasonably believes arewithin such other person'sprofessional or expert competence and who has been selected with reasonablecare by or on behalfof the limited liability company, including information, opinions, reports orstatements as to thevalue and amount of the assets, liabilities, profits or losses of the limitedliability company or anyother facts pertinent to the existence and amount of assets from whichdistributions to membersmight properly be paid.

      History:   L. 1999, ch. 119, § 36; Jan. 1, 2000.