2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 34A - Uniform Limited Liability Company Act
§ 47-34A-411 Good faith reliance upon information
47-34A-411. Good faith reliance upon information. A member or manager of a limited liability company shall be fully protected in relying in good faith upon the records of the limited liability company and upon such information, opinions, reports, or statements presented to the limited liability company by any of its other managers, members, officers, employees, or committees of the limited liability company, or any other person, as to matters the member or manager reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the limited liability company, 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 any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.
Source: SL 2010, ch 218, ยง 14.
