The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Ben Huxen.
DIGEST
SB 220 Original 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))