Texas Business Organizations Code
Sec. § 101.110
Rights and Liabilities of Assignee of Membership Interest After Becoming Member


(a)

An assignee of a membership interest in a limited liability company, after becoming a member of the company, is:

(1)

entitled, to the extent assigned, to the same rights and powers granted or provided to a member of the company by the company agreement or this code;

(2)

subject to the same restrictions and liabilities placed or imposed on a member of the company by the company agreement or this code; and

(3)

except as provided by Subsection (b), liable for the assignors obligation to make contributions to the company.

(b)

An assignee of a membership interest in a limited liability company, after becoming a member of the company, is not obligated for a liability of the assignor that:

(1)

the assignee did not have knowledge of on the date the assignee became a member of the company; and

(2)

could not be ascertained from the company agreement.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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Last accessed
Nov. 13, 2019