§ 8863. Effects of dissociation.

232 words·~1 min read·/pa/title-15/chapter-88/8863

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- If a person is dissociated as a member:

(1)the person's rights as a member terminate;

(2)if the company is member-managed, the person's duties and obligations under section 8849.1 (relating to standards of conduct for members) as a member end with regard to matters arising and events occurring after the person's dissociation; and

(3)subject to sections 8844(e) (relating to sharing of and right to distributions before dissolution) and 8854 (relating to power of personal representative of deceased member) and Chapter 3 (relating to entity transactions), any transferable interest owned by the person in the person's capacity as a member immediately before dissociation as a member is owned by the person solely as a transferee.

(b)Existing obligations not discharged.-- A person's dissociation as a member 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.

15c8863v

Cross References. Section 8863 is referred to in section 8812 of this title.

15c8871h

SUBCHAPTER G

DISSOLUTION AND WINDING UP

Sec.

8871. Events causing dissolution.

8872. Winding up and filing of certificates.

8873. (Reserved).

8874. Known claims against dissolved limited liability company.

8875. Other claims against dissolved limited liability company.

8876. Court proceedings.

8877. Disposition of assets in winding up.

8878. Voluntary termination by members or organizers.

15c8871s