More Certified
Questions: Fiduciary Duties in Arizona LLCs
Earlier this year, the
bankruptcy court in Arizona asked the Arizona Supreme Court to answer certified
questions with respect to fiduciary duties in LLCs. In re: Swift Air, LLC, Case No.: 2:12-BK-14362-DPC (Bankr. D. Ariz.
Jan. 29, 2019).
In this action, the bankruptcy
court asked the Arizona Supreme Court to address two questions, namely:
1. Whether
managers and/or members of an Arizona LLC owe fiduciary duties to the LLC?
2. Whether
the terms of an Arizona LLC’s operating agreement may lawfully limit or
eliminate those fiduciary duties?
No word yet as to whether the
Arizona Supreme Court will agree to answer these questions.
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