Section 322C.0603 - EFFECT OF PERSON'S DISSOCIATION AS MEMBERSubdivision 1.Effect of dissociation.When a person is dissociated as a member of a limited liability company:
(1) the person's right to participate as a member in the management and conduct of the company's activities terminates;(2) if the company is member-managed, the person's fiduciary duties as a member end with regard to matters arising and events occurring after the person's dissociation; and(3) subject to sections 322C.0504 and 322C.1001 to 322C.1015, any transferable interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.Subd. 2.No discharge.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 that the person incurred while a member.
Added by 2014 Minn. Laws, ch. 157,s 1-46, eff. 8/1/2015.