Wyo. Stat. Ann. § 17-29-902

Derivative action

Known as the Wyoming Limited Liability Company Act

The act spans §§ 17-29-1001 to 17-29-906 (80 sections).

Applied in 1 court decision — leading case Christine E. Aimone, Individually and as Successor Trustee of the Martin Aimone Revocable Trust Agreement Dated the 18Th Day of March, 1993, as Amended, and as of the Estate of Martin Aimone and Frances Colleen Aimone, Individually and as Successor Trustee of the Gay C. Aimone Revocable Trust Agreement Dated the 18Th Day of March, 1993, as Amended v. Benjamin W. Aimone Matthew M. Aimone William B. Aimone Jonathon I. Aimone, Individually and as of the Estate of Bruce William Aimone Michael J. Aimone Amanda M. Aimone Thomas A. Aimone Jacob D. Aimone and Behlee A. Aimone (2023)

Most recently applied in Christine E. Aimone, Individually and as Successor Trustee of the Martin Aimone Revocable Trust Agreement Dated the 18Th Day of March, 1993, as Amended, and as of the Estate of Martin Aimone and Frances Colleen Aimone, Individually and as Successor Trustee of the Gay C. Aimone Revocable Trust Agreement Dated the 18Th Day of March, 1993, as Amended v. Benjamin W. Aimone Matthew M. Aimone William B. Aimone Jonathon I. Aimone, Individually and as of the Estate of Bruce William Aimone Michael J. Aimone Amanda M. Aimone Thomas A. Aimone Jacob D. Aimone and Behlee A. Aimone (May 2023)

(a) A member may maintain a derivative action to enforce a right of a limited liability company if:

(i) The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or (ii) A demand under paragraph (i) of this subsection would be futile.

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