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2023 Texas Statutes
Business Organizations Code
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Subchapter C. Membership
Section 101.111. Rights and Duties of Assignor of Membership Interest
Universal Citation:
TX Bus Orgs § 101.111 (2023)
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Sec. 101.111. RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP INTEREST. (a) An assignor of a membership interest in a limited liability company continues to be a member of the company and is entitled to exercise any unassigned rights or powers of a member of the company until the assignee becomes a member of the company.
(b) An assignor of a membership interest in a limited liability company is not released from the assignor's liability to the company, regardless of whether the assignee of the membership interest becomes a member of the company.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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