Except as provided in a written operating agreement, a member or manager may lend money to, borrow money from, act as a surety, guarantor or endorser for, guarantee or assume one or more specific obligations of, provide collateral for, and transact other business with a limited liability company and, subject to other applicable law, has the same rights and obligations with respect to any such matter as a person who is not a member or manager.
Mass. Gen. Laws ch. 156C, § 7
Transaction of business between member or manager and limited liability company
Known as the Massachusetts Limited Liability Company Act
The act spans §§ 156C-1 to 156C-9 (73 sections).
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.