Delaware – HB 126, effective August 1, amend the Limited Liability Company Act

July 17, 2013

House Bill 126 (Chapter 74) signed by the governor June 30 and effective August 1 amends the Limited Liability Company Act to confirm fiduciary duties may be expanded, restricted or eliminated by provisions in an LLC agreement; a charging order is the exclusive remedy by which a judgment creditor of a member or assignee may satisfy a judgment out of the judgment debtor’s interest in an LLC; and that the provisions apply whether an LLC has one or more than one member. The bill text can be accessed at http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/HB+126/$file/legis.html?open

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