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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>66741</law_id><section_number>13.1-1040</section_number><catch_line>Right of assignee to become member</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-1038.1</reference><reference>13.1-1039</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="12">Virginia Limited Liability Company Act</unit><unit label="article" level="3" order_by="1" identifier="7">Rights of and Assignment by Members</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Except as otherwise provided in writing in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, an <span class="dictionary">assignee</span> of an <span class="dictionary">interest</span> in a <span class="dictionary">limited liability company</span> may become a <span class="dictionary">member</span> only by the consent of a majority of the <span class="dictionary">member</span>-<span class="dictionary"><span class="dictionary">managers</span></span> (other than the assignor <span class="dictionary">member</span>) of a <span class="dictionary"><span class="dictionary">manager</span>-managed <span class="dictionary">limited liability company</span></span> of which one or more <span class="dictionary">members</span> is a <span class="dictionary">manager</span>, or by a majority vote of the <span class="dictionary">members</span> (other than the assignor <span class="dictionary">member</span>) of any other <span class="dictionary">limited liability company</span>. <a id="paragraph-242033" class="section-permalink" href="https://vacode.org/13.1-1040/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> An <span class="dictionary">assignee</span> who has become a <span class="dictionary">member</span> has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a <span class="dictionary">member</span> under the <span class="dictionary">articles of organization</span>, any <span class="dictionary">operating agreement</span> and this chapter. An <span class="dictionary">assignee</span> who becomes a <span class="dictionary">member</span> also is liable for any obligations of his assignor to make <span class="dictionary">contributions</span> and return <span class="dictionary">distributions</span> as provided in Articles 5 (&#xA7; <a class="law" title="Management of limited liability company" href="/13.1-1022/">13.1-1022</a> et seq.) and 6 (&#xA7; <a class="law" title="Sharing of profits and losses" href="/13.1-1029/">13.1-1029</a> et seq.) of this chapter. However, an <span class="dictionary">assignee</span> who becomes a <span class="dictionary">member</span> is not obligated for liabilities of the assignor unknown to him at the time he or it became a <span class="dictionary">member</span>. <a id="paragraph-242034" class="section-permalink" href="https://vacode.org/13.1-1040/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> If an <span class="dictionary">assignee</span> of an <span class="dictionary">interest</span> in a <span class="dictionary">limited liability company</span> becomes a <span class="dictionary">member</span>, the assignor is not released from his liability under &#xA7;&#xA7; <a class="law" title="Contributions" href="/13.1-1027/">13.1-1027</a> and <a class="law" title="Liability upon wrongful distribution" href="/13.1-1036/">13.1-1036</a> to the <span class="dictionary">limited liability company</span>. <a id="paragraph-242035" class="section-permalink" href="https://vacode.org/13.1-1040/#C"><i class="fa fa-link"/></a></p></section></text><history>1991, c. 168; 1994, c. 348; 1995, c. 168; 1997, c. 190.</history><metadata></metadata></law>
