The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. If a person is dissociated as a member, all of the following apply:
1. The person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates.
2. The person's duties and obligations under section 29-3409 as a member end with regard to matters arising and events occurring after the person's dissociation.
3. Subject to section 29-3504 and article 10 of this chapter, any transferable interest owned by the person in the person's capacity as a member immediately before dissociation is owned by the person solely as a transferee.
B. A person's dissociation as a member does not of itself discharge the person from any debt, obligation or other liability to the limited liability company or the other members that the person incurred while a member.