Indiana § 23-18-4-10 - Good faith reliance on records by members or managers; liability
Full text of Indiana Indiana Code § 23-18-4-10 — Good faith reliance on records by members or managers; liability, with citation guidance and answers to common questions.
§ 23-18-4-10. Good faith reliance on records by members or managers; liability
Sec. 10. A member or manager of a limited liability company is not liable when relying in good faith upon the records of the limited liability company and on the information, opinions, reports, or statements presented to the limited liability company by its other managers, members, agents, or employees, or by any other person, concerning matters the member or manager reasonably believes are within the other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the limited liability company, including information, opinions, reports, or statements concerning the value and amount of the assets, liabilities, profits, or losses of the limited liability company or other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.
As added by P.L.8-1993, SEC.301.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 23-18-4-10
What does Indiana Code § 23-18-4-10 cover?
Section 23-18-4-10 ("Good faith reliance on records by members or managers; liability") is part of the Indiana Code, the codified statutory law of Indiana. 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 Indiana § 23-18-4-10?
A common citation format is "Indiana Code § 23-18-4-10" (Indiana). 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 Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 23-18-4-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana 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 Indiana.