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Call Now: 904-383-7448Except as otherwise provided in the articles of organization or a written operating agreement, if a member who is an individual dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or his or her property, the member's executor, administrator, guardian, conservator, or other legal representative has all of the rights of an assignee of all of the member's limited liability company interest. Except as otherwise provided in the articles of organization or a written operating agreement, if the last member of a limited liability company dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or his or her property, the member's executor, administrator, guardian, conservator, or other legal representative shall become a member of the limited liability company, unless such executor, administrator, guardian, conservator, or other legal representative elects not to become a member by written notice given to the limited liability company within 90 days of such death or adjudication (or within such other period as is provided for in a written operating agreement).
(Code 1981, §14-11-506, enacted by Ga. L. 1993, p. 123, § 1; Ga. L. 2009, p. 108, § 9/HB 308.)
- For annual survey on business associations, see 61 Mercer L. Rev. 45 (2009). For article, "2015 Georgia Corporation and Business Organization Case Law Developments," see 21 Ga. St. B. J. 30 (Apr. 2016).
- Probate court order removing an executor for cause was affirmed because the executor violated their fiduciary duty in numerous ways by failing to dissolve the estate business, using estate property and funds for their own benefit and to pay personal bills, overpaid executor's fees, and had a conflict of interest by continuing to operate the business despite the estate losing money but personally benefitting by using the business property rent-free. Myers v. Myers, 297 Ga. 490, 775 S.E.2d 145 (2015).
Total Results: 2
Court: Supreme Court of Georgia | Date Filed: 2015-07-06
Snippet: beneficiaries. Appellant also notes that OCGA § 14- 11-506 provides that the executor of a deceased sole
Court: Supreme Court of Georgia | Date Filed: 2015-07-06
Citation: 297 Ga. 490, 775 S.E.2d 145, 2015 Ga. LEXIS 502
Snippet: beneficiaries. Appellant also notes that OCGA § 14-11-506 provides that the executor of a deceased sole