Source: https://vacode.org/13.1-1040/
Timestamp: 2019-01-18 03:01:38
Document Index: 363250994

Matched Legal Cases: ['§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13']

Right of assignee to become member (§ 13.1-1040)—Virginia Decoded - Virginia Decoded
← Previous13.1-1039 Assignment of interest
Next →13.1-1040.1 Events causing member's dissociation
7 Rights Of And Assignment By Members
§ 13.1-1040
A. Except as otherwise provided in writing in the articles of organization or an operating agreement, an assignee of an interest in a limited liability company may become a member only by the consent of a majority of the member-managers (other than the assignor member) of a manager-managed limited liability company of which one or more members is a manager, or by a majority vote of the members (other than the assignor member) of any other limited liability company.
B. 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. An assignee who becomes a member also is liable for any obligations of his assignor to make contributions and return distributions as provided in Articles 5 (§ 13.1-1022 et seq.) and 6 (§ 13.1-1029 et seq.) of this chapter. However, an assignee who becomes a member is not obligated for liabilities of the assignor unknown to him at the time he or it became a member.
C. If an assignee of an interest in a limited liability company becomes a member, the assignor is not released from his liability under §§ 13.1-1027 and 13.1-1036 to the limited liability company.
1991, c. 168; 1994, c. 348; 1995, c. 168; 1997, c. 190.
If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-1040 on the official Code of Virginia website.
In Re Garrison-Ashburn, LC (United States Bankruptcy Court, E.D. Virginia, 08/25/00)
. . . July 1, 2000, by adding § 13.1-1040.2 which provides as follows: . . .
DUNAR GROUP, LLC v. Tignor (SCV, 03/05/04)
. . . a member of Xpert pursuant to Virginia Code § 13.1-1040.1(5)." Dunbar alleged that Tignor . . .
Ott v. Monroe (SCV, 11/04/11)
. . . Company upon his death by operation of Code . . .
In Re DeLuca (United States Bankruptcy Court, E.D. Virginia, 01/02/96)
. . . of all existing members. See, §§ 13.1-1039 and 13.1-1040, Va. Code Ann. (although membership . . .
In Re Williams (United States Bankruptcy Court, E.D. Virginia, 05/19/11)
. . . ; other than a manager-managed LLC. Va.Code § 13.1-1040(A) (2010). Thaddeus Williams never voted to . . .
§ 13.1-1039 Assignment of interest