§ 48-2c-806. Reliance by member or manager on reports and information.

     Unless a member or manager has knowledge concerning the matter in question that makes reliance unwarranted, the member or manager shall be fully protected in relying in good faith upon:

(1) the records of the company; and

(2) the information, opinions, reports, or statements presented to the company by any of its other managers, members, employees or committees, or by any other person, as to matters the member or manager reasonably believes are within the other person's professional or expert competence, including, but not limited to, information, opinions, reports, or statements as to the value and amount of assets, liabilities, profits or losses of the company, or any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.

Enacted by Chapter 260, 2001 General Session