Section 10A-5A-11.05 - Member's power to dissociate as a member associated with a series; wrongful dissociation(a) A person has the power to dissociate as a member associated with a series.(b) A person's dissociation from a series is wrongful only if:(1) it is in breach of an express provision of the limited liability company agreement; or(2) the person is expelled as a member associated with the series by judicial determination under Section 10A-5A-11.06(f); or(3) the person is dissociated as a member associated with a series by becoming a debtor in bankruptcy or making a general assignment for the benefit of creditors.(c) A person that wrongfully dissociates as a member associated with a series is liable to the series and, subject to Section 10A-5A-9.01, to the other members associated with that series for damages caused by the dissociation. The liability is in addition to any other debt, obligation, or liability of the member associated with a series to the series or the other members associated with that series.Ala. Code § 10A-5A-11.05 (1975)
Added by Act 2014-144,§ 1, eff. 1/1/2015.