Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 180/35-7

(805 ILCS 180/35-7)

Sec. 35-7.

Member or manager's power and liability as agent after
dissolution.

(a) A limited liability company is bound by a member or manager's act after
dissolution that:

(1) is appropriate for winding up the company's

business; or

(2) would have bound the company before dissolution,

if the other party to the transaction did not have notice of the dissolution.

(b) A member or manager who, with knowledge of the dissolution, subjects a
limited liability company to liability by an act that is not appropriate for
winding up the company's business is liable to the company for any damage
caused to the company arising from the liability.

(Source: P.A. 99-637, eff. 7-1-17.)