347.185. Member's interest not security.
Member's interest not security.
347.185. It shall be rebuttably presumed that a member'sinterest in a limited liability company in which management isnot vested in one or more managers is not a security for purposesof any and all laws of this state regulating the sale or exchangeof securities.
(L. 1993 S.B. 66 & 20 § 359.830)Effective 12-1-93