16-20-603. Effect of dissociation.
(1) If a person is dissociated as a member: the person's right to participate as a member in the management and conduct of the company's activities and affairs terminates; if the limited liability company is member-managed, the person's duties and obligations under Sectionas a member end with regard to matters arising and events occurring after the person's dissociation; and 16-20-409 subject to Sectionand Chapter 1a, Part 7, Merger, Chapter 1a, Part 8, Interest Exchange, Chapter 1a, Part 9, Conversion, or Chapter 1a, Part 10, Domestication, any transferable interest owned by the person in the person's capacity as a member immediately before dissociation as a member is owned by the person solely as a transferee. 16-20-504
(2) A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited liability company or the other members which the person incurred while a member.