Laws of New York (Last Updated: November 21, 2014)

Section 611. Business transactions of a member with the limited liability company

Latest version.

Except as may be provided in the operating agreement, a  member
  may  lend money to, borrow money from, act as a guarantor or surety for,
  provide collateral for the obligations of and  transact  other  business
  with the limited liability company and, subject to other applicable law,
  has the same rights and obligations with respect thereto as a person who
  is not a member.

                    
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