48-2c-806 - Reliance by member or manager on reports and information. - Utah Statutes

48-2c-806. Reliance by member or manager on reports and information.
Unless a member or manager has knowledge concerning the matter in question that makesreliance unwarranted, the member or manager shall be fully protected in relying in good faithupon:
(1) the records of the company; and
(2) the information, opinions, reports, or statements presented to the company by any ofits other managers, members, employees or committees, or by any other person, as to matters themember or manager reasonably believes are within the other person's professional or expertcompetence, including, but not limited to, information, opinions, reports, or statements as to thevalue and amount of assets, liabilities, profits or losses of the company, or any other factspertinent to the existence and amount of assets from which distributions to members mightproperly be paid.

Enacted by Chapter 260, 2001 General Session