101.1115 – EFFECT OF DEATH OR DIVORCE ON MEMBERSHIP
Texas Business Organizations Code § 101.1115
Summary
This law clarifies the impact of a member's death or divorce on their membership interest in a business organization. It designates the member's spouse or heirs as assignees of the membership interest under these circumstances.
Divorce assigns membership interest to the member's spouse.
Death assigns membership interest to the surviving spouse and heirs.
Assignees can hold the membership interest to the extent specified.
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In simple terms: Learn about Texas's EFFECT OF DEATH OR DIVORCE ON 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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