Subject to Sub. (3), a grant of authority not pertaining to transfers of real property and contained in an effective statement of authority is conclusive in favor of a person that gives value in reliance on the grant, except to the extent that when the person gives value any of the following applies: (a) The person has knowledge to the contrary. (b) The statement has been canceled or restrictively amended under sub. (2). (c) A limitation on the grant is contained in another statement of authority that became effective after the statement containing the grant became effective.
Appears in 9 contracts
Samples: Limited Liability Company Law, Limited Liability Company Operating Agreement, Limited Liability Company Law
