(a) Unless otherwise provided in an operating agreement of the company or by the written consent of all of the members of the company at the time, the limited liability company membership held by a trust or trustee terminates when the trust terminates. In this subsection, "terminates" does not include the substitution of a new trustee.
(b) Unless otherwise provided in an operating agreement of the company or by the written consent of all of the members of the company at the time, the limited liability company membership held by an estate terminates when the estate's entire limited liability company interest is distributed by the fiduciary of the estate.
Section: Previous 10.50.155 10.50.160 10.50.165 10.50.170 10.50.180 10.50.185 10.50.190 10.50.195 10.50.205 10.50.210 10.50.215 10.50.220 10.50.225 10.50.240 NextLast modified: November 15, 2016