Rescinding dissolution

(1) A limited liability company may rescind the limited liability company's dissolution, unless a statement of termination applicable to the limited liability company is effective, a court has entered an order under Subsection 16-20-701(4) or (5) dissolving the limited liability company, or the division has dissolved the limited liability company under Section 16-1a-603. (2) Rescinding dissolution under this section requires: (a) the consent of each member; (b) if a statement of dissolution applicable to the limited liability company has been filed by the division but has not become effective, the delivery to the division for filing of a statement of withdrawal under Section 16-1a-205 applicable to the statement of dissolution; and (c) if a statement of dissolution applicable to the limited liability company is effective, the delivery to the division for filing of a statement of correction under Section 16-1a-206 stating that dissolution has been rescinded under this section. (3) If a limited liability company rescinds the limited liability company's dissolution: (a) the limited liability company resumes carrying on the limited liability company's activities and affairs as if dissolution had never occurred; (b) subject to Subsection (3)(c), any liability incurred by the limited liability company after the dissolution and before the rescission is effective is determined as if dissolution had never occurred; and (c) the rights of a third party arising out of conduct in reliance on the dissolution before the third party knew or had notice of the rescission may not be adversely affected.