§ 10A-5A-11.07 — Effect of Person’s Dissociation as a Member

Alabama § 10A-5A-11.07

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 5A: Alabama Limited Liability Company Law of 2014
• Art. 11: Series Provisions

Text

(a) A person who has dissociated as a member associated with a series shall have no right to participate in the direction and oversight of 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.

Legislative History

(Act 2014-144, p. 265, §1.)