347.117. Effect of death or incompetence of member, assignability of interest — business organization as member, dissolution, assignability of interest. — 1. Unless otherwise provided in the operating agreement, if a member who is an individual dies or a court of competent jurisdiction judges the member to be incompetent to manage his or her person or property, the member's executor, administrator, guardian, conservator, or other legal representative shall have any power the member had to give his assignee the right to become a member and all of the rights of an assignee of the member's interest.
2. If a member is a corporation, partnership, limited liability company, trust or other entity and is dissolved or terminated, its legal representative or successor shall have any power the member had to give his assignee the right to become a member and all of the rights of an assignee of the member's interest.
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(L. 1993 S.B. 66 & 20 § 359.772)
Effective 12-01-93
---- end of effective 01 Dec 1993 ----
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