SLS 16RS-468 REENGROSSED
2016 Regular Session
SENATE BILL NO. 220
BY SENATOR PEACOCK
WILLS/TESTAMENTS. Provides for powers of the estate of a deceased or incompetent
member. (8/1/16)
1 AN ACT
2 To amend and reenact R.S. 12:1333(A) and (D), relative to powers of estate of a deceased
3 or incompetent member; to provide certain terms, conditions, procedures,
4 requirements, and effects; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 12:1333(A) and (D) are hereby amended and reenacted to read as
7 follows:
8 ยง1333. Powers of estate of a deceased or incompetent member
9 A. If Except as otherwise provided in the articles of organization or a
10 written operating agreement, if a member who is an individual dies or a court of
11 competent jurisdiction adjudges him to be incompetent to manage his person or his
12 property, the member's membership ceases and the member's executor,
13 administrator, guardian, conservator, or other legal representative shall be treated as
14 an assignee of such member's interest in the limited liability company.
15 * * *
16 D. If Except as otherwise provided in the articles of organization or a
17 written operating agreement, if a member is a corporation, trust, or other entity and
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 220
SLS 16RS-468 REENGROSSED
1 is dissolved or terminated, the member's membership ceases and the member's legal
2 representative or successor shall be treated as an assignee of such member's interest
3 in the limited liability company.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Ben Huxen.
DIGEST
SB 220 Reengrossed 2016 Regular Session Peacock
Present law generally provides that a member who is an individual dies or a court of
competent jurisdiction adjudges him to be incompetent to manage his person or his property,
the member's membership ceases and the member's executor, administrator, guardian,
conservator, or other legal representative shall be treated as an assignee of such member's
interest in the limited liability company. Present law further generally provides that if a
member is a corporation, trust, or other entity and is dissolved or terminated, the member's
membership ceases and the member's legal representative or successor shall be treated as an
assignee of such member's interest in the limited liability company.
Proposed law allows an exception to the general rule if provided for in the articles of
organization or a written operating agreement.
Effective August 1, 2016.
(Amends R.S. 12:1333(A) and (D))
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.