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Tex. Bus. Orgs. Code § 101.111

RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP INTEREST

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

(a) An assignor of a membership interest in a limited liability company continues to be a member of the company and is entitled to exercise any unassigned rights or powers of a member of the company until the assignee becomes a member of the company.

(b) An assignor of a membership interest in a limited liability company is not released from the assignor's liability to the company, regardless of whether the assignee of the membership interest becomes 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.