Alaska Statutes 10.50.130 – Limitation of member fiduciary duty
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 10.50.130
- Fiduciary: A trustee, executor, or administrator.
- person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
Unless otherwise provided in an operating agreement of the company, if a person is a member of a limited liability company that is managed by a manager and if the person is not a manager, the person does not have the fiduciary duty of a manager to the company or to the other members of the company when the person acts solely in the capacity of a member.