42:2B-47 - Death, incompetence of member - New Jersey Statutes

42:2B-47  Death, incompetence of member.

47.If 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 executor, administrator, guardian, conservator or other legal representative may exercise all of the member's rights for the purpose of settling his estate or administering his property, including any power under an operating agreement of an assignee to become a member and the power given to an assignee under subsection d. of section 46 of P.L.1993, c.210 (C.42:2B-46).  If a member is a corporation, trust or other entity and is dissolved or terminated, the powers of that member may, in addition to the powers given to an assignee under subsection d. of section 46 of P.L.1993, c.210 (C.42:2B-46), be exercised by its legal representative or successor.

L.1993,c.210,s.47; amended 1998, c.79, s.11.