Section 1706.766 | Separate asset series-effect of dissociation.
(A) A person who has dissociated as a member associated with a series shall have no right to participate in the activities and affairs of that series and is entitled only to receive the distributions to which that member would have been entitled if the member had not dissociated from that series.
(B) A person's dissociation as a member associated with a series does not of itself discharge the person from any debt, obligation, or liability to that series, the limited liability company, or the other members that the person incurred while a member associated with that series.
(C) A member's dissociation from a series does not, in itself, cause the member to dissociate from any other series or require the winding up of the series.
(D) A member's dissociation from a series does not, in itself, cause the member to dissociate from the limited liability company.
Available Versions of this Section
- April 12, 2021 – Enacted by Senate Bill 276 - 133rd General Assembly [ View April 12, 2021 Version ]