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S.D. Codified Laws § 47-34A-604

Dissociated member's power to bind limited liability company

Known as the South Dakota Limited Liability Company Act

The act spans §§ 47–47 (113 sections).

Source: SL 1998, ch 272, § 604.

For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under § 47-34A-301 before dissociation only if at the time of entering into the transaction the other party:

(1) Reasonably believed that the dissociated member was then a member;

(2) Did not have notice of the member's dissociation; and

(3) Is not deemed to have had notice under § 47-34A-605.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.