Utah Code 48-3a-1207. Events causing dissociation from a series
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(1) Unless otherwise provided in the operating agreement, a member ceases to be associated with a series and to have the power to exercise a right or power of a member with respect to the series upon the assignment of all of the member’s transferable interest in the limited liability company with respect to the series.
Terms Used In Utah Code 48-3a-1207
- Member: means a person that:(14)(a) has become a member of a limited liability company under Section 48-3a-401 or was a member in a company when the company became subject to this chapter under Section 48-3a-1405; and(14)(b) has not dissociated under Section 48-3a-602. See Utah Code 48-3a-102
- Operating agreement: means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record, or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in Subsection 48-3a-112(1). See Utah Code 48-3a-102
- Series: means a series created in accordance with Part 12, Series Limited Liability Companies. See Utah Code 48-3a-102
- Transferable interest: means the right, as initially owned by a person in the person's capacity as a member, to receive distributions from a limited liability company in accordance with the operating agreement, whether or not the person remains a member or continues to own any part of the right. See Utah Code 48-3a-102
(2) Unless otherwise provided in an operating agreement, an event under this chapter or the operating agreement that causes a member to cease to be associated with a series does not, by itself:(2)(a) cause the member to cease to be associated with another series;(2)(b) terminate the continued membership of a member in the limited liability company; or(2)(c) cause the termination of the series, regardless of whether the member is the last remaining member associated with the series.