Oregon Code § 63.265·Enacted ·Last updated March 01, 2026
Statute Text
Cessation of membership.
Except as otherwise provided in the articles of organization or any operating
agreement:
(1) A member
shall cease to be a member in a limited liability company upon the members
death, incompetency, bankruptcy, dissolution, withdrawal, expulsion or
assignment of the members entire membership interest.
(2)(a) Except as
otherwise provided in paragraph (b) of this subsection, following the cessation
of the members interest, the holder of the former members interest shall be
considered an assignee of such interest and shall have all the rights, duties
and obligations of an assignee under this chapter.
(b) If the member
who ceases to be a member is the only member of the limited liability company,
the holder of the former members interest shall become a member simultaneously
with and upon the cessation of the former members interest. [1993 c.173 §53;
1995 c.93 §15; 1997 c.646 §7]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 63.265
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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