North Carolina General Statutes 57D-2-32. Remedies for breach of operating agreement or occurrence of identified events; reliance on operating agreement
Terms Used In North Carolina General Statutes 57D-2-32
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(a) An operating agreement may subject interest owners and other persons who are parties to or otherwise bound by the operating agreement to specified remedies for breach of the operating agreement or the occurrence of a specified event. Such remedies may include the recovery of reasonable attorneys’ fees, the assessment of interest without the assessment being subject to the laws of usury, and the imposition of penalties that would otherwise be unenforceable as stipulated or liquidated damages.
(b) Unless otherwise provided in the operating agreement, an interest owner or other person who is a party to or bound by the operating agreement will not be liable to the LLC or an interest owner or other person who is a party to the operating agreement for that person’s reliance on the provisions of the operating agreement. (2013-157, s. 2.)