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2021 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 44 - Uniform Limited Liability Company Act Of 1996
Section 33-44-402. Member's liability for contributions.
Universal Citation: SC Code § 33-44-402 (2021)
(a) A member's obligation to contribute money, property, or other benefit to, or to perform services for, a limited liability company is not excused by the member's death, disability, or other inability to perform personally. If a member does not make the required contribution of property or services, the member is obligated at the option of the company to contribute money equal to the value of that portion of the stated contribution which has not been made.
(b) A creditor of a limited liability company who extends credit or otherwise acts in reliance on an obligation described in subsection (a), and without notice of any compromise under Section 33-44-404(c)(5), may enforce the original obligation.
HISTORY: 1996 Act No. 343, Section 2.
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