21-146. Effect of person's dissociation as member.
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/ne/chapter-21/21-146A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(RULLCA 603)
(a)When a person is dissociated as a member of a limited liability company:
(1)the person's right to participate as a member in the management and conduct of the company's activities terminates;
(2)if the company is member-managed, the person's fiduciary duties as a member end with regard to matters arising and events occurring after the person's dissociation; and
(3)subject to section 21-143 and sections 21-170 to 21-184 , any transferable interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.
(b)A person's dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.