South Carolina Code 33-44-402. Member’s liability for contributions
Current as of: 2023 | Check for updates
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(a) A member’s obligation to contribute money, property, or other benefit to, or to perform services for, a limited liability company is not excused by the member’s death, disability, or other inability to perform personally. If a member does not make the required contribution of property or services, the member is obligated at the option of the company to contribute money equal to the value of that portion of the stated contribution which has not been made.
(b) A creditor of a limited liability company who extends credit or otherwise acts in reliance on an obligation described in subsection (a), and without notice of any compromise under § 33-44-404(c)(5), may enforce the original obligation.
Terms Used In South Carolina Code 33-44-402
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.