Georgia § 14-11-503 Rights of assignee to become member

Georgia Statutes

§ 14-11-503 — Rights of assignee to become member

Georgia § 14-11-503

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This text of Georgia § 14-11-503 (Rights of assignee to become member) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 14-11-503 (2026).

Text

Except as otherwise provided in the articles of organization or a written operating agreement:

(1)An assignee of a limited liability company interest may become a member only if the other members unanimously consent;

(2)An assignee who has become a member has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the articles of organization, any operating agreement, and this chapter;

(3)An assignee who becomes a member is liable for the obligations to make contributions that are enforceable against his or her assignor under Code Section 14-11-402 , but he or she is not liable for:

(A)The obligations of his or her assignor under Code Section 14-11-408 ; or (B) Other obligations of his or her assignor (including obligations

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Except as otherwise provided in the articles of organization or a written operating agreement: (1) An assignee of a limited liability company interest may become a member only if the other members unanimously consent; (2) An assignee who has become a member has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the articles of organization, any operating agreement, and this chapter; (3) An assignee who becomes a member is liable for the obligations to make contributions that are enforceable against his or her assignor under Code Section 14-11-402 , but he or she is not liable for: (A) The obligations of his or her assignor under Code Section 14-11-408 ; or (B) Other obligations of his or her assignor (including obligations to make contributions) of which the assignee had no knowledge at the time he or she became a member and which could not be ascertained from the articles of organization or a written operating agreement; and (4) Whether or not an assignee of a limited liability company interest becomes a member, the assignor is not released from his or her liability to the limited liability company under Code Section 14-11-402 or Code Section 14-11-408 .