§ 23-105. Implied covenants

Latest version.

(a) Good faith and fair dealing. -- The covenant of good faith and fair dealing shall be implied in an operating agreement unless the operating agreement states that a party may perform a duty or obligation in the party's sole discretion.

(b) Implied duties. -- Unless an operating agreement contains a covenant or other provision that specifically incorporates a duty into the operating agreement, no duties shall be implied under the operating agreement.

HISTORY: 2004, ch. 292.

                    
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