25.15.260 - Right of assignee to become member. - Washington Statutes

Right of assignee to become member.

(1) An assignee of a limited liability company interest may become a member upon:

     (a) The approval of all of the members of the limited liability company other than the member assigning his or her limited liability company interest; or

     (b) Compliance with any procedure provided for in the limited liability company agreement.

     (2) An assignee who has become a member has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under a limited liability company agreement and this chapter. An assignee who becomes a member is liable for the obligations of his or her assignor to make contributions as provided in RCW 25.15.195, and for the obligations of his or her assignor under article VI of this chapter.

     (3) Whether or not an assignee of a limited liability company interest becomes a member, the assignor is not released from his or her liability to a limited liability company under articles V and VI of this chapter.

[1994 c 211 § 704.]