RÉSUMÉ DIGEST
ACT 170 (SB 220) 2016 Regular Session Peacock
Prior law generally provided that a member of a limited liability company 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. Prior law further
generally provided 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.
New 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))