Georgia § 14-11-503 - Rights of assignee to become member.

§ 14-11-503. Rights of assignee to become member.

Except as otherwise provided in the articles of organization or a written operating agreement: An assignee of a limited liability company interest may become a member only if the other members unanimously consent; An assignee who has become a member has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the articles of organization, any operating agreement, and this chapter; An assignee who becomes a member is liable for the obligations to make contributions that are enforceable against his or her assignor under Code Section 14-11-402, but he or she is not liable for: The obligations of his or her assignor under Code Section 14-11-408; or Other obligations of his or her assignor (including obligations to make contributions) of which the assignee had no knowledge at the time he or she became a member and which could not be ascertained from the articles of organization or a written operating agreement; and Whether or not an assignee of a limited liability company interest becomes a member, the assignor is not released from his or her liability to the limited liability company under Code Section 14-11-402 or Code Section 14-11-408 . (Code 1981, § 14-11-503 , enacted by Ga. L. 1993, p. 123, § 1.)