Tex. Business Organizations Code § 101.111
This is the official text of Tex. Business Organizations Code § 101.111, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 101.111. RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP INTEREST.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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