2006 New York Code - Rights Of Assignee To Become A Member.



 
    §  604.  Rights of assignee to become a member. (a) Except as provided
  in the operating agreement, an assignee of a membership interest may not
  become a member without the vote  or  written  consent  of  at  least  a
  majority  in interest of the members, other than the member who assigned
  or proposes to assign such membership interest.
    (b) An assignee who has become a member has, to the  extent  assigned,
  the  rights,  powers,  preferences and limitations and is subject to the
  restrictions  and  liabilities,  of  a  member  under  the  articles  of
  organization,  the operating agreement and this chapter. Notwithstanding
  the foregoing, unless otherwise provided in the operating agreement,  an
  assignee  who  becomes  a member is liable for the obligations of his or
  her assignor to make contributions as provided in section  five  hundred
  two  of this chapter, but shall not be liable for the obligations of his
  or her assignor under sections six hundred six and five hundred eight of
  this  chapter.  However,  the  assignee  is  not   obligated   for   (i)
  liabilities,  including  the  obligations of his or her assignor to make
  contributions as provided in section five hundred two of  this  chapter,
  unknown  to the assignee at the time he or she becomes a member and that
  could not be ascertained  from  the  operating  agreement  or  (ii)  any
  accrued liabilities of the assignor at the time of assignment unless the
  assignee specifically assumes such liabilities.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.