New York Limited Liability Company Law Section 608 - Powers Of Estate Of A Deceased Or Incompetent Member.

608. Powers of estate of a deceased or incompetent member. If a member who is a natural person dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or his or her property, the member's executor, administrator, guardian, conservator or other legal representative may exercise all of the member's rights for the purpose of settling his or her estate or administering his or her property, including any power under the operating agreement of an assignee to become a member. If a member is a corporation, trust or other entity and is dissolved or terminated, the powers of that member may be exercised by its legal representative or successor.

Section: Previous  601  602  603  604  605  606  607  608  609  610  611    Next

Last modified: September 11, 2016