Colorado § 7-80-407 - Reimbursement and indemnification of members and managers.
Full text of Colorado Colorado Revised Statutes § 7-80-407 — Reimbursement and indemnification of members and managers., with citation guidance and answers to common questions.
§ 7-80-407. Reimbursement and indemnification of members and managers.
A limited liability company shall reimburse a person who is or was a member or manager for payments made, and indemnify a person who is or was a member or manager for liabilities incurred by the person, in the ordinary course of the business of the limited liability company or for the preservation of its business or property, if such payments were made or liabilities incurred without violation of the person's duties to the limited liability company.
Source: L. 2004: Entire part R&RE, p. 940, § 6, effective July 1. L. 2006: Entire section amended, p. 859, § 26, effective July 1.
Editor's note: This section is similar to former § 7-80-410 as it existed prior to 2004.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-80-407
What does Colorado Revised Statutes § 7-80-407 cover?
Section 7-80-407 ("Reimbursement and indemnification of members and managers.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-80-407?
A common citation format is "Colorado Revised Statutes § 7-80-407" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-80-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.