Texas Business Organizations Code - Section 101.110. Rights And Liabilities Of Assignee Of Membership Interest After Becoming Member
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§ 101.110. RIGHTS AND LIABILITIES OF ASSIGNEE OF
MEMBERSHIP INTEREST AFTER BECOMING MEMBER. (a) An assignee of a
membership interest in a limited liability company, after becoming
a member of the company, is:
(1) entitled, to the extent assigned, to the same
rights and powers granted or provided to a member of the company by
the company agreement or this code;
(2) subject to the same restrictions and liabilities
placed or imposed on a member of the company by the company
agreement or this code; and
(3) except as provided by Subsection (b), liable for
the assignor's obligation to make contributions to the company.
(b) An assignee of a membership interest in a limited
liability company, after becoming a member of the company, is not
obligated for a liability of the assignor that:
(1) the assignee did not have knowledge of on the date
the assignee became a member of the company; and
(2) could not be ascertained from the company
agreement.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 101.103 101.104 101.105 101.106 101.107 101.108 101.109 101.110 101.111 101.112 101.113 101.114 101.151 101.152 101.153
Last modified: August 11, 2007
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