S.C. Code Ann. § 33-43-306 – [Repealed eff January 1, 2001] Limited liability company bound by member's breach of trust | Midpage
§ 33-43-306
S.C. Code Ann. § 33-43-306
[Repealed eff January 1, 2001] Limited liability company bound by member's breach of trust
(A) The limited liability company is bound to make good the loss where a member, whether or not a manager, or any manager, acting within the scope of his apparent authority, receives money or property of a person who is not a member or manager of the limited liability company and misapplies it.
(B) The limited liability company is bound to make good the loss where in the course of its business it receives money or property of a third person and the money or property so received is misapplied while it is in the custody of the limited liability company.