29-3603. Effect of dissociation
136 words·~1 min read·
/az/title-29/29-3603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If a person is dissociated as a member, all of the following apply:
1. The person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates.
2. The person's duties and obligations under section 29-3409 as a member end with regard to matters arising and events occurring after the person's dissociation.
3. Subject to section 29-3504 and article 10 of this chapter, any transferable interest owned by the person in the person's capacity as a member immediately before dissociation is owned by the person solely as a transferee.
B. A person's dissociation as a member does not of itself discharge the person from any debt, obligation or other liability to the limited liability company or the other members that the person incurred while a member.