§ 23-105. Implied covenants

MD Comm L Code § 23-105 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a)    The covenant of good faith and fair dealing shall be implied in an operating agreement unless the operating agreement states that a party may perform a duty or obligation in the party’s sole discretion.

(b)    Unless an operating agreement contains a covenant or other provision that specifically incorporates a duty into the operating agreement, no duties shall be implied under the operating agreement.