Texas Business Organizations Code
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 assignors 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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Last accessed
Nov. 22, 2019