21-146 Effect of person's dissociation as member. - Nebraska Statutes

21-146. Effect of person's dissociation asmember.(ULLCA603) (a) When a person is dissociated as a member of a limited liability company:(1) the person's rightto participate as a member in the management and conduct of the company'sactivities terminates;(2)if the company is member-managed, the person's fiduciary duties as a memberend with regard to matters arising and events occurring after the person'sdissociation; and(3)subject to section 21-143 and sections 21-170 to 21-184, any transferableinterest owned by the person immediately before dissociation in the person'scapacity as a member is owned by the person solely as a transferee. (b) A person's dissociationas a member of a limited liability company does not of itself discharge theperson from any debt, obligation, or other liability to the company or theother members which the person incurred while a member. SourceLaws 2010, LB888, § 46.Operative Date: January 1, 2011