(a) Unless otherwise provided in an operating agreement of the company or by the written consent of all of the members of the company at the time, the limited liability company membership held by a trust or trustee terminates when the trust terminates. In this subsection, “terminates” does not include the substitution of a new trustee.
(b) Unless otherwise provided in an operating agreement of the company or by the written consent of all of the members of the company at the time, the limited liability company membership held by an estate terminates when the estate's entire limited liability company interest is distributed by the fiduciary of the estate.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 50. Alaska Revised Limited Liability Company Act
Sec. 10.50.155. Membership requirements.
Sec. 10.50.160. Effective date of admission.
Sec. 10.50.165. Authorization for assignee to become member.
Sec. 10.50.170. Rights, powers, and liabilities of assignee who becomes a member.
Sec. 10.50.180. Rights of assignor when assignee becomes a member.
Sec. 10.50.185. Resignation of member.
Sec. 10.50.205. Removal of member.
Sec. 10.50.210. Effect of death or incompetency on membership.
Sec. 10.50.215. Termination of membership held by trust, trustee, or estate.