TITLE 30

CORPORATIONS

CHAPTER 25

LIMITED LIABILITY COMPANIES

PART 1

GENERAL PROVISIONS

30-25-103.  KNOWLEDGE — NOTICE. (a) A person knows a fact if the person:

(1)  Has actual knowledge of it; or

(2)  Is deemed to know it under subsection (d)(1) of this section or law other than this act.

(b)  A person has notice of a fact if the person:

(1)  Has reason to know the fact from all the facts known to the person at the time in question; or

(2)  Is deemed to have notice of the fact under subsection (d)(2) of this section.

(c)  Subject to section 30-21-212, Idaho Code, a person notifies another person of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not those steps cause the other person to know the fact.

(d)  A person not a member is deemed:

(1)  To know of a limitation on authority to transfer real property as provided in section 30-25-302(g), Idaho Code; and

(2)  To have notice of a limited liability company’s:

(A)  Dissolution ninety (90) days after a statement of dissolution under section 30-25-702(b)(2)(A), Idaho Code, becomes effective;

(B)  Termination ninety (90) days after a statement of termination under section 30-25-702(b)(2)(F), Idaho Code, becomes effective; and

(C)  Participation in a merger, interest exchange, conversion, or domestication ninety (90) days after articles of merger, interest exchange, conversion, or domestication under chapter 22, title 30, Idaho Code, become effective.

History:

[30-25-103, added 2015, ch. 243, sec. 43, p. 872; am. 2021, ch. 321, sec. 5, p. 948.]