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IL SB2797
Bill
Status
Failed
1/13/2021
Primary Sponsor
Robert Martwick
Click for details
AI Summary
- Amends the Illinois Limited Liability Company Act to prohibit operating agreements from restricting or eliminating the duty to act fairly as described in the Act
- Allows operating agreements to identify specific standards by which the obligation to act fairly is measured, while maintaining the underlying duty itself
- Adds the duty to act fairly to the list of fiduciary duties that cannot be eliminated alongside the existing duty of care protection
- Maintains existing provisions allowing operating agreements to restrict or eliminate other fiduciary duties if stated clearly and unambiguously
Legislative Description
LLC-OPERATING AGREEMENT
Last Action
Session Sine Die
1/13/2021
Committee Referrals
Assignments4/12/2020
Judiciary2/11/2020
Assignments2/4/2020
Full Bill Text
No bill text available