2018 Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 29 - Revised Mississippi Limited Liability Company Act
Article 4 - Management.
§ 79-29-403. Reliance on reports and information.

Universal Citation: MS Code § 79-29-403 (2018)
  • A member, manager, officer or liquidating trustee of a limited liability company shall be fully protected in relying in good faith upon:
  • (a) The records of the limited liability company; and upon

  • (b) Information, opinions, reports or statements, 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, reserves, 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 might properly be paid which are presented by:

    • (i) Another manager of the limited liability company;

    • (ii) A member of the limited liability company;

    • (iii) A liquidating trustee of the limited liability company;

    • (iv) An officer of the limited liability company;

    • (v) An employee of the limited liability company;

    • (vi) Committees of the limited liability company, members or managers; or

    • (vii) Any other person as to matters the member, manager, officer or liquidating trustee reasonably believes is within such other person’s professional or expert competence.

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