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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 101.110. Rights and Liabilities of Assignee of Membership Interest After Becoming Member - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-101-110/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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