101.111 – RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP
Texas Business Organizations Code § 101.111
Summary
This law clarifies that an assignor of a membership interest in a limited liability company retains their membership rights until the assignee is officially recognized as a member. Additionally, the assignor remains liable to the company even after the assignment of their interest.
Assignor retains rights until assignee becomes a member.
Assignor remains liable to the company after assignment.
Affects limited liability company membership interests.
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In simple terms: Learn about Texas's RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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