ASSIGNMENT OF MEMBERSHIP INTEREST
Applied in 1 court decision — leading case Yaghoub "Jacob" Kohannim v. Parvaneh Katoli (2013)
Most recently applied in Yaghoub "Jacob" Kohannim v. Parvaneh Katoli (July 2013)
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff
(a) A membership interest in a limited liability company may be wholly or partly assigned.
(b) An assignment of a membership interest in a limited liability company:
(1) is not an event requiring the winding up of the company; and
(2) does not entitle the assignee to:
(A) participate in the management and affairs of the company;
(B) become a member of the company; or
(C) exercise any rights of a member of the company.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.