Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-5A-11.05.htm |
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Depth: | 0 singles |
Size: | 1,426 bytes |
Modified: | 2015-06-10 14:52:22 |
Categories: | -None- |
Title: | 10A-5A-11.05 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-5A-11.05 Member's power to dissociate as a member associated with a series; wrongful dissociation. (a) A person has the power to dissociate as a member associated with a series. (b) A person's dissociation from a series is wrongful only if: (1) it is in breach of an express provision of the limited liability company agreement; or (2) the person is expelled as a member associated with the series by judicial determination under Section 10A-5A-11.06(f); or (3) the person is dissociated as a member associated with a series by becoming a debtor in bankruptcy or making a general assignment for the benefit of creditors. (c) A person that wrongfully dissociates as a member associated with a series is liable to the series and, subject to Section 10A-5A-9.01, to the other members associated with that series for damages caused by the dissociation. The liability is in addition to any other debt, obligation, or liability of the member associated with a series to the series or the other members associated with that series. (Act 2014-144, p. 265, ยง1.) |