Va. Code Ann. § 13.1-1040.2

Effect of a member's dissociation

Known as the Virginia Limited Liability Company Act

The act spans §§ 13.1-1000 to 13.1-1099.9 (156 sections).

Applied in 1 court decision — leading case Official Committee of Unsecured Creditors v. Virginia Broadband, LLC (In re Virginia Broadband, LLC) (2013)

Most recently applied in Official Committee of Unsecured Creditors v. Virginia Broadband, LLC (In re Virginia Broadband, LLC) (September 2013)

2000, c. 581; 2006, c. 912.

A. Except as provided in the articles of organization or an operating agreement, the dissociation of a member shall not affect the membership interest held by the dissociated member or the former member's successor in interest. The former member or successor in interest shall continue to hold a membership interest and shall have the same rights that an assignee of the membership interest would have under subsection A of § 13.1-1039.

B. Except as provided in the articles of organization or an operating agreement, the dissociation of a member shall not cause the limited liability company to be dissolved or its affairs to be wound up, and, upon the occurrence of any such event, the limited liability company shall be continued without dissolution.

Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.