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2013 SESSION
SB 779 Limited liability companies; assignment of interest.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)
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.
FULL TEXT
- 12/18/12 Senate: Prefiled and ordered printed; offered 01/09/13 13101816D pdf | impact statement
- 02/22/13 Senate: Bill text as passed Senate and House (SB779ER) pdf | impact statement
- 04/03/13 Senate: Reenrolled bill text (SB779ER2) pdf
- 04/03/13 Governor: Acts of Assembly Chapter text (CHAP0772) pdf
AMENDMENTS
HISTORY
- 12/18/12 Senate: Prefiled and ordered printed; offered 01/09/13 13101816D
- 12/18/12 Senate: Referred to Committee on Commerce and Labor
- 01/14/13 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 01/16/13 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/17/13 Senate: Read second time and engrossed
- 01/18/13 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/25/13 House: Placed on Calendar
- 01/25/13 House: Read first time
- 01/25/13 House: Referred to Committee for Courts of Justice
- 02/11/13 House: Referred from Courts of Justice by voice vote
- 02/11/13 House: Referred to Committee on Commerce and Labor
- 02/14/13 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/18/13 House: Read second time
- 02/19/13 House: Read third time
- 02/19/13 House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/19/13 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/22/13 Senate: Enrolled
- 02/22/13 Senate: Bill text as passed Senate and House (SB779ER)
- 02/22/13 House: Signed by Speaker
- 02/23/13 Senate: Signed by President
- 03/25/13 Senate: Governor's recommendation received by Senate
- 04/02/13 Senate: Placed on Calendar
- 04/03/13 Senate: Senate concurred in Governor's recommendation (40-Y 0-N)
- 04/03/13 House: House concurred in Governor's recommendation (92-Y 1-N)
- 04/03/13 House: VOTE: ADOPTION (92-Y 1-N)
- 04/03/13 Governor: Governor's recommendation adopted
- 04/03/13 Senate: Reenrolled
- 04/03/13 Senate: Reenrolled bill text (SB779ER2)
- 04/03/13 Senate: Signed by President as reenrolled
- 04/03/13 House: Signed by Speaker as reenrolled
- 04/03/13 House: Enacted, Chapter 772 (effective 7/1/13)
- 04/03/13 Governor: Acts of Assembly Chapter text (CHAP0772)