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2013 SESSION

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SB 779 Limited liability companies; assignment of interest.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Limited liability companies; assignment of interest. Amends the Virginia Limited Liability Company Act to provide that an assignment of an interest in a limited liability company does not entitle the assignee to participate in the management and affairs of the limited liability company or to become or to exercise any rights of a member, except as provided in subsection A of § 13.1-1040. The measure overturns the Virginia Supreme Court's finding in Ott v. Monroe that current law precludes such rights being transferred to an assignee.

SUMMARY AS INTRODUCED:

Limited liability companies; assignment of interest. Amends the Virginia Limited Liability Company Act to permit the assignee of an interest in a limited liability company to participate in the management and affairs of the limited liability company, become a member of the limited liability company, receive distributions, and have other rights, if provided in the articles of organization or an operating agreement. The measure overturns the Virginia Supreme Court's finding in Ott v. Monroe that current law precludes such rights being transferred to an assignee.