Sky Harbor Hotel Properties, LLC v. Patel Properties, LLC (In re Sky Harbor Hotel Properties, LLC)

246 Ariz. 531, 443 P.3d 21 (2019)

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Sky Harbor Hotel Properties, LLC v. Patel Properties, LLC (In re Sky Harbor Hotel Properties, LLC)

Arizona Supreme Court
246 Ariz. 531, 443 P.3d 21 (2019)

Facts

Sky Harbor Hotel Properties, LLC (Sky Harbor) (debtor) filed for bankruptcy. The bankruptcy proceeding involved claims regarding alleged breaches of fiduciary duties by limited-liability company (LLC) members and managers. In order to address the claims, the bankruptcy court certified three questions of law to the Arizona Supreme Court: (1) whether managers of an Arizona LLC owed common-law fiduciary duties to the company, (2) whether members of an Arizona LLC owed common-law fiduciary duties to the company, and (3) whether an Arizona LLC’s operating agreement could lawfully limit or eliminate those fiduciary duties. The Arizona Supreme Court accepted and answered the certified questions.

Rule of Law

Issue

Holding and Reasoning (Bales, C.J.)

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