Delaware Code § 6-18-406

Reliance on reports and information by member or manager
Open in Lexace · Ask the AI about this section
A member, manager or liquidating trustee of a limited liability company shall be fully protected in relying in good faith upon the
records of the limited liability company and upon information, opinions, reports or statements presented by another manager, member
or liquidating trustee, an officer or employee of the limited liability company, or committees of the limited liability company, members
or managers, or by any other person as to matters the member, manager or liquidating trustees reasonably believes are within such other
person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the
assets, liabilities, profits or losses of the limited liability company, or the value and amount of assets or reserves or contracts, agreements or
other undertakings that would be sufficient to pay claims and obligations of the limited liability company or to make reasonable provision
to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to members
or creditors might properly be paid.

‹ Prev All Delaware sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.