-5- four promissory notes. Two of the notes were nonrecourse; the other two notes were partially recourse. Neither LCL member signed any of these notes or otherwise guaranteed repayment of the notes. In 2000, LCL purchased other equipment from CRG. In connection with this purchase, LCL signed two promissory notes. Both notes were partially recourse. Neither LCL member signed either of these notes or otherwise guaranteed repayment of the notes. The DRO Section 4.2 of LCL’s initial operating agreement (initial operating agreement) states that “No Member shall be liable as such for the liabilities of the Company”. On March 28, 2001, LCL’s two members amended and restated the initial operating agreement in its entirety (revised operating agreement) and stated in the revised operating agreement that it was effective as of January 1, 2000. The revised operating agreement is construed under Wyoming law, and only the parties that signed the revised operating agreement (and their successors in interest) have any rights or remedies under that agreement. The revised operating agreement states that the life of LCL is 30 years from the date of the filing of its articles of organization with thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: March 27, 2008