GroundRules
← Search the law
Maine · Through October 1, 2025

31 M.R.S. §1632: Derivative action

Read at publisher ↗
Where this section sits in the code
  1. TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
  2. CHAPTER 21: LIMITED LIABILITY COMPANIES
  3. SUBCHAPTER 11: ACTIONS BY MEMBERS

A member may maintain a derivative action to enforce a right of a limited liability company if:

1. Demand. The member first makes a demand on the limited liability company to take suitable action, and the limited liability company does not take suitable action within a reasonable time; or

2. Futility of demand. A demand under subsection 1 would be futile.

Collected 2026-09-04T15:12:37Z. Source file · JSON

Browse this collection