347.117. Effect of death or incompetence of member, assignability of interest--business organization as member, dissolution, assignability of interest.
Effect of death or incompetence of member, assignability ofinterest--business organization as member, dissolution,assignability of interest.
347.117. 1. Unless otherwise provided in the operatingagreement, if a member who is an individual dies or a court ofcompetent jurisdiction judges the member to be incompetent tomanage his or her person or property, the member's executor,administrator, guardian, conservator, or other legalrepresentative shall have any power the member had to give hisassignee the right to become a member and all of the rights of anassignee of the member's interest.
2. If a member is a corporation, partnership, limitedliability company, trust or other entity and is dissolved orterminated, its legal representative or successor shall have anypower the member had to give his assignee the right to become amember and all of the rights of an assignee of the member'sinterest.
(L. 1993 S.B. 66 & 20 § 359.772)Effective 12-1-93