Effect of dissociation.

1. If a person is dissociated as a member, all of the following apply: a. The person’s right to participate as a member in the management and conduct of the limited liability company’s activities and affairs terminates. b. The person’s duties and obligations under section 489.409 as a member end with regard to matters arising and events occurring after the person’s dissociation. c. Subject to section 489.504 and subchapter X , any transferable interest owned by the person in the person’s capacity as a member immediately before dissociation is owned by the person solely as a transferee. 2. A person’s dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member. 2008 Acts, ch 1162, §47, 155 ; 2023 Acts, ch 152, §51, 161 Referred to in §489.102