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Texas Business Organizations Code - Section 101.111. Rights And Duties Of Assignor Of Membership Interest

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.111. Rights And Duties Of Assignor Of Membership Interest

§ 101.111. RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP 
INTEREST.  (a) An assignor of a membership interest in a limited 
liability company continues to be a member of the company and is 
entitled to exercise any unassigned rights or powers of a member of 
the company until the assignee becomes a member of the company.
	(b)  An assignor of a membership interest in a limited 
liability company is not released from the assignor's liability to 
the company, regardless of whether the assignee of the membership 
interest becomes a member of the company.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007