347.185. Member's interest not security. — It shall be rebuttably presumed that a member's interest in a limited liability company in which management is not vested in one or more managers is not a security for purposes of any and all laws of this state regulating the sale or exchange of securities.
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(L. 1993 S.B. 66 & 20 § 359.830)
Effective 12-01-93