Sec. 101.1115. EFFECT OF DEATH OR DIVORCE ON MEMBERSHIP INTEREST. (a) For purposes of this code:
(1) on the divorce of a member, the member's spouse, to the extent of the spouse's membership interest, if any, is an assignee of the membership interest;
(2) on the death of a member, the member's surviving spouse, if any, and an heir, devisee, personal representative, or other successor of the member, to the extent of their respective membership interest, are assignees of the membership interest; and
(3) on the death of a member's spouse, an heir, devisee, personal representative, or other successor of the spouse, other than the member, to the extent of their respective membership interest, if any, is an assignee of the membership interest.
(b) This chapter does not impair an agreement for the purchase or sale of a membership interest at any time, including on the death or divorce of an owner of the membership interest.
Added by Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 36, eff. September 1, 2011.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Section 101.101. Members Required
Section 101.102. Qualification for Membership
Section 101.103. Effective Date of Membership
Section 101.104. Classes or Groups of Members or Membership Interests
Section 101.105. Issuance of Membership Interests After Formation of Company
Section 101.106. Nature of Membership Interest
Section 101.107. Withdrawal or Expulsion of Member Prohibited
Section 101.108. Assignment of Membership Interest
Section 101.109. Rights and Duties of Assignee of Membership Interest Before Membership
Section 101.110. Rights and Liabilities of Assignee of Membership Interest After Becoming Member
Section 101.111. Rights and Duties of Assignor of Membership Interest
Section 101.1115. Effect of Death or Divorce on Membership Interest
Section 101.112. Member's Membership Interest Subject to Charging Order