Oklahoma § 18-2051 - Action to recover judgment - Conditions

§ 18-2051. Action to recover judgment - Conditions

A member may bring an action in the right of the limited

liability company to recover a judgment in its favor if all of the

following conditions are met:

1. Either:

a.

management of the limited liability company is vested

in a manager or managers who have the sole authority

to cause the limited liability company to sue in its

own right, or

b.

management of the limited liability company is

reserved to the members but the plaintiff does not

have the authority to cause the limited liability

company to sue in its own right under the provisions

of an operating agreement; and

2. The plaintiff has made demand on those managers or those

members with such authority requesting that such managers or such

members cause the limited liability company to sue in its own right;

and

3. The members or managers with such authority have wrongfully

refused in the exercise of their business judgment to bring the

action or, after adequate time to consider the demand, have failed

to respond to such demand; and

4. The plaintiff:

a.

is a member of the limited liability company at the

time of bringing the action, and

b.

was a member of the limited liability company at the

time of the transaction of which he complains, or his

status as a member of the limited liability company

thereafter developed upon him pursuant to the terms of

the operating agreement from a person who was a member

at such time; and

5. The plaintiff fairly and adequately represents the interests

of the members in enforcing the rights of the limited liability

company.

Added by Laws 1992, c. 148, § 52, eff. Sept. 1, 1992.