Usufruct
R.S. 12:1315

Limitation of liability and indemnification of members and managers ACTIVE

A. Subject to Subsection B of this Section, the articles of organization or a written operating agreement may:

(1) Eliminate or limit the personal liability of a member or members, if management is reserved to the members, or a manager or managers, if management is vested in one or more managers pursuant to R.S. 12:1312, for monetary damages for breach of any duty provided for in R.S. 12:1314.

(2) Provide for indemnification of a member or members, or a manager or managers, for judgments, settlements, penalties, fines, or expenses incurred because he is or was a member or manager.

B. No provision permitted under Subsection A shall limit or eliminate the liability of a member or manager for the amount of a financial benefit received by a member or manager to which he is not entitled or for an intentional violation of a criminal law.

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JSON Markdown Source (legis.la.gov)

References

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History

  • enactment Acts 1992, No. 780, §2, eff. July 7, 1992

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Cite R.S. 12:1315

Bluebook
La. Rev. Stat. Ann. § 12:1315 (2026).
Permalink
https://theusufruct.com/rs/title-12/section-1315
BibTeX
@misc{larevstat-12-1315,
  title        = {La. Rev. Stat. Ann. § 12:1315},
  howpublished = {Louisiana Revised Statutes},
  year         = {2026},
  url          = {https://theusufruct.com/rs/title-12/section-1315},
  note         = {Snapshot 2026-05-22}
}