Md. Code, CL§ 23-105

Current with changes from the 2024 Legislative Session
Section 23-105 - Implied covenants
(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.

Md. Code, CL§ 23-105