NY LLC L § 1210 (2021)
2021 New York Laws LLC - Limited Liability Company Law Article 12 - Professional Service Limited Liability Companies 1210 - Death, Disqualification or Dissolution of Members.

§  1210.  Death,  disqualification  or dissolution of members.   (a) A professional service limited liability company shall purchase or  redeem the  membership  interest  of a member in case of such member's death or disqualification pursuant to the provisions of  section  twelve  hundred nine  of  this article or in the case of a member that is a professional service   corporation,   foreign   professional   service   corporation, professional  service  limited  liability  company, foreign professional service  limited  liability  company,   registered   limited   liability partnership,  foreign  limited  liability  partnership  or  professional partnership,  dissolution  or  disqualification  of  such   professional service   corporation,   foreign   professional   service   corporation, professional service limited  liability  company,  foreign  professional service   limited   liability   company,  registered  limited  liability partnership,  foreign  limited  liability  partnership  or  professional partnership  (in  the  case of registered limited liability partnership, foreign limited  liability  partnership  and  professional  partnership, other  than  a dissolution followed by a reconstitution where at least a majority of the total interests in the current profits  of  a  successor partnership are held by partners of the predecessor partnership that was a  registered  limited  liability partnership, foreign limited liability partnership or  professional  partnership  who  were  partners  of  such predecessor  partnership  immediately  prior  to the dissolution of such predecessor partnership) or the death, dissolution  or  disqualification of all of its shareholders, members or partners, within six months after the  appointment  of  the  executor  or  administrator  or  other  legal representative of the estate of such  deceased  member,  or  within  six months  after such disqualification or dissolution, at the book value of such membership  interest  as  of  the  end  of  the  month  immediately preceding  the  death,  disqualification or dissolution of the member as determined from  the  records  of  such  limited  liability  company  in accordance   with  its  regular  method  of  accounting.  The  operating agreement of such limited liability company may modify this  section  by providing  for  a  shorter  period  of  purchase  or  redemption,  or an alternate method of determining the price to be paid for the  membership interest,  or  both.  If  such  limited  liability company shall fail to purchase or redeem such membership interest within the required  period, a  successful  plaintiff  in  an action to recover the purchase price of such membership interest shall also  be  awarded  reasonable  attorneys' fees  and  costs.  Nothing  herein  contained shall prevent such limited liability  company  from  paying  pension  benefits  or  other  deferred compensation  to or on behalf of a former or deceased member, manager or employee thereof, or  where  such  member,  manager  or  employee  is  a professional   service   corporation,   foreign   professional   service corporation, professional service  limited  liability  company,  foreign professional  service  limited  liability  company,  registered  limited liability  partnership,  foreign  limited   liability   partnership   or professional partnership, on behalf of a former or deceased shareholder, officer,  director,  member,  manager,  partner,  or  employee  of  such professional   service   corporation,   foreign   professional   service corporation,  professional  service  limited  liability company, foreign professional  service  limited  liability  company,  registered  limited liability   partnership,   foreign   limited  liability  partnership  or professional partnership, as otherwise permitted by law. The  provisions of  this  section  shall  not  be  deemed to require the purchase of the membership interest  of  a  disqualified  member  where  the  period  of disqualification  is  for  less  than  six  months  and the member again becomes eligible to practice his or her  profession  within  six  months from  the  date  of  disqualification (or, in the case of a disqualified  member that is a professional service corporation, foreign  professional service  corporation,  professional  service  limited liability company, foreign  professional  service  limited  liability  company,  registered limited  liability partnership, foreign limited liability partnership or professional partnership, where the period of disqualification  of  such professional  service  corporation,  foreign  professional  corporation, professional service limited  liability  company,  foreign  professional service   limited   liability   company,  registered  limited  liability partnership,  foreign  limited  liability  partnership  or  professional partnership   or   all   shareholders,   members  or  partners  of  such professional   service   corporation,   foreign   professional   service corporation,  professional  service  limited  liability company, foreign professional  service  limited  liability  company,  registered  limited liability   partnership,   foreign   limited  liability  partnership  or professional  partnership  is  for  less  than  six  months   and   such professional   service   corporation,   foreign   professional   service corporation, professional service  limited  liability  company,  foreign professional  service  limited  liability  company,  registered  limited liability  partnership,  foreign  limited   liability   partnership   or professional  partnership  or  each  such shareholder, member or partner becomes eligible to practice his or her  profession  within  six  months from the date of disqualification).  (b) Notwithstanding the provisions of subdivision (a) of this section, the professional service limited liability company shall not be required to  purchase  or  redeem  the  membership  interest  of  a  deceased  or disqualified or dissolved member if such membership interest, within the time limit prescribed by subdivision (a) of this  section,  is  sold  or transferred  to  another  professional  pursuant  to  the  provisions of section twelve hundred eleven of this article.