Section 23-105 - Implied covenants. - Maryland Statutes

§ 23-105. Implied covenants.
 

(a)  Good faith and fair dealing.- The covenant of good faith and fair dealing shall be implied in an operating agreement unless the operating agreement states that a party may perform a duty or obligation in the party's sole discretion. 

(b)  Implied duties.- Unless an operating agreement contains a covenant or other provision that specifically incorporates a duty into the operating agreement, no duties shall be implied under the operating agreement. 
 

[2004, ch. 292.]