Massachusetts General Laws ch. 156C sec. 7 – Transaction of business between member or manager and limited liability company
Current as of: 2023 | Check for updates
|
Other versions
Section 7. Except as provided in a written operating agreement, a member or manager may lend money to, borrow money from, act as a surety, guarantor or endorser for, guarantee or assume one or more specific obligations of, provide collateral for, and transact other business with a limited liability company and, subject to other applicable law, has the same rights and obligations with respect to any such matter as a person who is not a member or manager.
Terms Used In Massachusetts General Laws ch. 156C sec. 7
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC