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Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-5-202. Limited liability

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Except as set forth in Subsections (2) and (3), a member:

(a) may only be liable for the on-chain contributions that the member has committed to the decentralized autonomous organization;

(b) may not be held personally liable for any excess liability after the decentralized autonomous organization's assets have been exhausted;

(c) may not be held personally liable for any obligation incurred by the decentralized autonomous organization; and

(d) may not be held personally liable, in the member's capacity as a member, for the wrongful act or omission of any other member of the decentralized autonomous organization.

(2) If a decentralized autonomous organization refuses to comply with an enforceable judgment, order, or award entered against the decentralized autonomous organization, the members who voted against compliance may be liable for any monetary payments ordered in the judgment, order, or award in proportion to the member's share of governance rights in the decentralized autonomous organization.

(3) Subsections (1) and (2) do not affect the personal liability of a member in tort for a member's own wrongful act or omission.

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Cite this article: FindLaw.com - Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-5-202. Limited liability - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-48-partnership-unincorporated-business-entities/ut-code-sect-48-5-202/

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