48-2c-603 - Waiver of exceptions to limited liability. - Utah Statutes

State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02c > 48-2c-603

48-2c-603. Waiver of exceptions to limited liability.
The liabilities of a member described in Subsection 48-2c-602(2), (3), or (6) may bewaived or compromised upon the consent of all other members. Any such waiver or compromisedoes not affect the rights of a creditor of the company:
(1) who extended credit in reliance on any representation as to the financial condition ofthe company prior to a distribution described in Subsection 48-2c-602(6) and without notice ofsuch waiver or compromise; or
(2) whose claim arose prior to, and without notice of, such waiver or compromise.

Enacted by Chapter 260, 2001 General Session

State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02c > 48-2c-603

48-2c-603. Waiver of exceptions to limited liability.
The liabilities of a member described in Subsection 48-2c-602(2), (3), or (6) may bewaived or compromised upon the consent of all other members. Any such waiver or compromisedoes not affect the rights of a creditor of the company:
(1) who extended credit in reliance on any representation as to the financial condition ofthe company prior to a distribution described in Subsection 48-2c-602(6) and without notice ofsuch waiver or compromise; or
(2) whose claim arose prior to, and without notice of, such waiver or compromise.

Enacted by Chapter 260, 2001 General Session

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02c > 48-2c-603

48-2c-603. Waiver of exceptions to limited liability.
The liabilities of a member described in Subsection 48-2c-602(2), (3), or (6) may bewaived or compromised upon the consent of all other members. Any such waiver or compromisedoes not affect the rights of a creditor of the company:
(1) who extended credit in reliance on any representation as to the financial condition ofthe company prior to a distribution described in Subsection 48-2c-602(6) and without notice ofsuch waiver or compromise; or
(2) whose claim arose prior to, and without notice of, such waiver or compromise.

Enacted by Chapter 260, 2001 General Session