Michigan § 450.4407 - Managers; eliminating or limiting liability; exceptions.
Full text of Michigan Michigan Compiled Laws § 450.4407 — Managers; eliminating or limiting liability; exceptions., with citation guidance and answers to common questions.
§ 450.4407. Managers; eliminating or limiting liability; exceptions.
A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:
The receipt of a financial benefit to which the manager is not entitled.
Liability under section 308.
A knowing violation of law.
An act or omission occurring before the date when the provision becomes effective.
Frequently Asked Questions About Michigan § 450.4407
What does Michigan Compiled Laws § 450.4407 cover?
Section 450.4407 ("Managers; eliminating or limiting liability; exceptions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 450.4407?
A common citation format is "Michigan Compiled Laws § 450.4407" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 450.4407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.